The Hindu Business Line : TMB inducts 10 directors on board

THE Tamilnad Mercantile Bank formally inducted 10 directors on its board on Saturday. They were elected by the shareholders at the annual general meeting for 2002-03 held here on Friday.

The elected directors include Mr B. Ramachandra Adityan, Mr R. Kadiresan Adityan, Mr M.G.M. Maran, Mr R. Kannan Adityan, Mr T.R. Chandrasekaran, Mr A. Narayanan, Mr P. Prem Vetty, Mr A. Rajagopalan, Mr V. Bhaskaran and Mr P.H. Arvindh Pandian. In addition, two nominees of the RBI and two nominated by the Government will also be on the board, according to the bank's chairman, Mr R. Natarajan.

Mr Ramachandra Adityan headed the Nadar Mahajana Sangha Bank Share Investors Forum, which spearheaded an effort to buyback 67 per cent of the bank's shares that had been sold to others outside the community. The AGM was conducted under the chairmanship of a retired judge of the High Court, Mr S. Ramalingam, who will formally submit a report of the members being inducted to the Company Law Board, he said.

With the induction of the elected members to the board, the bank can look forward to the future with increased confidence. The bank has evolved a long-range plan for 2007 and the details are being discussed. For the immediate future, the bank hopes to increase its net profit to Rs 100 crore and business to Rs 10,000 crore in 2005, he said. The bank hopes to expand by offering services backed by technology. It has over 175 branches, and 68 of these are interconnected, and soon all the branches would be networked.

This would enable anywhere banking and speed up inter-branch transactions. These would be available in branches in rural areas, a unique feature of Tamilnad Mercantile Bank, according to Mr Natarajan.

The bank has a strong focus on the `mid-corporate segment,' he said. Extended banking hours have been a norm for this bank, something that most other banks are getting into recently. Its current account transactions are among the highest among the banks, officials said.

According to a notice put up by the bank, the shareholders approved the accounts for 1996-97 through another poll conducted on Friday. Over 1,14,027 votes were in favour of the approval compared to 1,507 against.

More Stories on : Private Banks | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Govt allows mobile roaming to Pakistan

PSU public offers: Investors pour in Rs 12,600 crore

ONGC issue oversubscribed six times

First ODI: Prasar Bharati rakes in Rs 10 cr in ads

Will home loan rates continue southward journey?

TMB inducts 10 directors on board

TRAI issues final consultation paper on unified licensing