TMB Launches Online EPF Payment Facility

Tamilnad Mercantile Bank (TMB), one of India's most trusted private sector banks, today announced the successful launch of online collection of Employees' Provident Fund (EPF) payments through its Internet Banking platform, with direct integration between the EPFO portal and TMB's Internet Banking application.

The facility was formally launched at a function presided over by the Executive Director of TMB, Shri Vincent Menachery Devassy. The event was graced by the Chief Guest, Smt. Kavitha N. George, Additional Central PF Commissioner, Chennai. Senior officials from the Employees' Provident Fund Organisation (EPFO), Delhi - Shri A.K. Paliwal, Regional Provident Fund Commissioner, and Shri Kapil Anand, Accounts Officer - attended the event virtually. Senior Executives of TMB also attended the launch event.

Welcoming the Chief Guest and the EPFO team from Delhi, the Executive Director stated that the launch of online EPF payment collection is an important milestone for the Bank, aimed at enhancing customer convenience through digital integration. He highlighted that TMB has already implemented online payment facilities for CBDT, GST, and ICEGATE, and the addition of EPF payments further strengthens the Bank's digital offerings. He added that the Bank will actively popularise this facility among customers and focus on increasing the number of EPF payments routed through TMB.

With this new facility, MSME units / Retailers / Wholesalers / Big Corporate Customers, who have employed more than 20 or more employees / staff, can remit EPF contributions, including monthly salary deductions of employees, directly through TMB Internet Banking without the need to visit bank branches.

In her address, the Chief Guest stated that this facility would be highly beneficial for the above-mentioned customers who maintain accounts with TMB but were earlier making EPF payments through other banks. She emphasized the need to educate TMB customers on using this digital facility and to popularise EPF payment adoption among MSME customers, thereby enabling more enterprises to remit EPF contributions for their employees through TMB Internet Banking.

The launch reaffirms TMB's commitment to digital banking excellence, improved compliance convenience, and strengthened collaboration with statutory bodies for the benefit of its customers.

Shares of Tamilnad Mercantile Bank Limited was last trading in BSE at Rs. 504.40 as compared to the previous close of Rs. 512.50. The total number of shares traded during the day was 24867 in over 777 trades.

The stock hit an intraday high of Rs. 512.55 and intraday low of 499.95. The net turnover during the day was Rs. 12589488.00.

Source : Equity Bulls

Keywords

TamilnadMercantileBank INE668A01016 TMB PrivateBank OnlineCollection EPFPayments