The Hindu : Tamil Nadu News : Tamilnad Mercantile Bank ties up with HDFC

Online edition of India's National Newspaper
Thursday, Jan 20, 2005

Tamil Nadu

Tamil Nadu

Tamilnad Mercantile Bank ties up with HDFC

By Our Staff Reporter

TUTICORIN, JAN. 19. Tamilnad Mercantile Bank has tied up with HDFC Bank to provide various services to its customers, S. Radhakrishnan, chairman of Tamilnad Mercantile Bank Limited, said today.

"We will take every effort to constantly enhance the value of the stakeholders through good governance and remain a progressive bank with strong brand equity," he said.

The TMB has tied up with HDFC Bank to offer TMB-h-DD and TMB-h-Collection services, which would enable the bank to issue cheques at par and undertake collection of outstation cheques through various HDFC branches.

The facility would initially be available at 84 HDFC branches.Mr. Radhkrishnan said: "The new concepts would enable the bank to give credit to their customers within a week from the date of submission of cheques for collection at the HDFC branches and further help them procure demand drafts immediately. Similar arrangement made with the IDBI at 55 places earlier was a runaway success," he said.

Rehabilitation schemes

He said the bank would take part in all rehabilitation schemes initiated by the Reserve Bank of India and the NABARD. The TMB had introduced an RBI scheme a few days ago to help the families of tsunami victims. Loans to the tune of Rs.3,000 would be issued to the existing borrowers.

The bank had introduced an RBI scheme to help the urban poor by providing loans up to Rs.2 lakhs at 12 per cent interest to repay debts to non-institutional lenders.

New ventures

The bank plans to open 17 more ATMs and start its 172nd branch in Cuttak in Orissa by the end of the current fiscal. He hinted at the possibility of starting insurance-linked deposit schemes, which offer insurance cover to recurring deposits, before March 31, 2005.

Performance

Mr. Radhakrishnan said the capital adequacy ratio of the bank stood at 21.07 per cent.

The bank had introduced a depositor's policy and fair practice code.

The Banker, a reputed industry journal, had rated the bank among the Top 200 Asian banks in its October 2004 issue, he said.

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