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Our Correspondent

Mr G. Narayanamoorthy

Madurai, Feb. 4

Tuticorin-based Tamilnad Mercantile Bank (TMB) will be opening nine more branches before the end of March. Of this, seven will be in Tamil Nadu and one each in Andhra Pradesh and Rajasthan.

Additionally, three extension counters are to be upgraded into branches, said Mr G. Narayanamoorthy, Managing Director of the bank, here. The Reserve Bank of India has permitted the opening of 11 more branches, including one in Gujarat and they would be opened by June this year. Permission has also been obtained to add 25 ATMs. Of this, three will be in Andhra Pradesh, two each in Karnataka and Kerala and in West Bengal and the rest in Tamil Nadu, he said in his maiden meet with the press in the city, on Saturday.

Referring to the performance of the bank, he said, the total business as at the beginning of the current month, February 2007, stood at Rs 9,210 crore of which deposits and credit were Rs 5,454 crore and Rs 3,756 crore respectively.

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