The Hindu Business Line : TMB launches ATM network from Chennai

Mr R. Natarajan, Chairman & CEO, Tamilnad Mercantile Bank, and Mr Ramachandra Adityan, Director, at the launch of the bank's ATM in Anna Nagar, Chennai on Monday. - - Shaju John

Chennai , Aug. 2

TAMILNAD Mercantile Bank (TMB) plans to set up a network of 150 ATMs over the next year and a half, according to its Chairman, Mr R. Natarajan.

The bank initiated this network on Monday with two ATMs in Chennai. Addressing reporters after the inauguration, Mr Natarajan said TMB has been chosen from among the private banks by the RBI for introducing real-time-gross-settlement operations that will enable customers to access any of the ATMs operated by any bank.

It is among the few banks to interconnect over 98 per cent of its branches, paving the way for branches in rural and remote areas to transact with branches in the metropolis.

The bank is competitively bringing down interest rates to its borrowers and keeping its margins low, Mr Natarajan

TMB will soon bring down interest rates for agriculture lending to about 9 per cent from 12 per cent currently, according to Mr Natarajan.

The bank aims to reach a business turnover of Rs 10,000 crore in 2005 and a profit of Rs 100 crore while containing NPAs at 5 per cent. It has managed to contain NPAs at 5 per cent this year, he said.

TMB's net profit in 2003-04 was Rs 80.68 crore with the total business exceeding Rs 6,500 crore. Its net worth is Rs 476.83 crore and capital adequacy is 21 per cent, he said.

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