Honourable Union Finance Minister Nirmala Sitharaman Inaugurates Tamilnad Mercantile Bank (TMB)’s Centenary Celebrations

Thoothukudi, September 12, 2021: One of India’s oldest and leading private sector bank, Tamilnad Mercantile Bank (TMB), commenced its Centenary celebrations  at Thoothukudi, Tamil Nadu with inauguration by Honourable Union Minister of Finance & Corporate Affairs, Smt Nirmala Sitharaman in the presence of Thiru K V Rama Moorthy, MD & CEO, TMB, Board of Directors of TMB, Thiru G Natarajan, I.P.O.S, Post Master General, other government officials, dignitaries and customers of the bank.   Marking the significance of this day, the Chief Guest, Nirmala Sitharaman launched a unique TMB ‘Postal stamp’ and a specialised ‘Postal Card’. She flagged off the ‘TMB Mobile DigiLobby’ vehicle, which facilitates customers to withdraw and deposit cash and to print passbook at their doorsteps. She also flagged off the ‘Mobile Vaccination Camp vehicle’ jointly conducted by TMB and Times Network, India’s Premium broadcast Network, to educate the citizens on the importance of vaccination, which prevent the spread of COVID -19. The FM then disbursed loans to Pharma and Healthcare units and PM SVANidhi.

Speaking at the event, Hon'ble Union Finance Minister Smt. Nirmala Sitharaman said, “TMB has completed 100 years of existence today, I congratulate all of you associated with this institution. This is not a small achievement, there are many companies and organisations who have lost their path even after years of existence. TMB has set an example for Tamil Nadu banking sector. Today, the sector is stable after Prompt Corrective Action steps that the Government has taken. Many banks in public sector have come back to normalcy now.

At the same time, TMB while facing similar problems, has performed well and sailed through the turbulent period. Moreover, the bank has adapted digitisation and is moving in the correct path. The banking technology has reached great heights, even without opening branches in rural areas through digitisation you can offer banking services.

Today, taking banking service to all citizens of India has been possible because of ‘Jan Dhan Yojana’. Government of India has brought Jan Dhan Yojana with zero balance, RuPay card and insurance for the people.  Our Prime Minister Narendra Modi was clearly aware that it would be zero balance account but he wanted all citizens to be aware of banking processes and financially inclusive. It would not have been possible if PM Jandhan yojna was not launched in giving the poorest of the poor the opportunity of financial inclusion.”

“Even during covid, we had ‘Bank Mitra’ reaching every nook and corner of rural India, and disbursing Rs.500 for three months as relief, this was again possible only through Jan Dhan Yojna. TMB proudly says 74 per cent of their activities is on priority sector lending. Once the priorities sector lending increases banking can penetrate in every rural area,” said the Union Minister. She also advised the Bank to embrace technology in future and digitise to the maximum.

Speaking at the event, Thiru K V Rama Moorthy, MD & CEO said, “TMB has always added value to all the stake holders for the last 99+ years. The bank has stood the test of time and seen various historical events like Independence, Emergency, Liberalization of the economy and most recently the COVID-19 pandemic.To help borrowers to overcome the adverse impact of COVID-19, till date, the bank has covered 13753 beneficiaries to the exposure of Rs 1,567.62 crore. In the era of digital banking, we were the first Bank to introduce Robotics in currency chest to sort and bundling of currencies in order to provide quality service to the customers. As a part of our Centenary celebrations, we are kick-starting multiple initiatives, starting with the issuance of a special postage stamp and postal cards. We are also launching the TMB Mobile DigiLobby and a Mobile vaccination drive to support our communities. The disbursement of loans to pharma & health care units will be at the heart of a year-long series of events and initiatives from us.”