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Madurai, Oct. 15

Tuticorin-based Tamilnad Mercantile Bank (TMB) has become the Clearing Banker for the Multi Commodity Exchange of India Ltd (MCX). The agreement was signed between Mr G. Narayana Moorthy, Managing Director and CEO of the bank, and Mr Joseph Massey, Deputy Managing Director, MCX. It enables brokers to open accounts with the bank for settlement purpose. MCX is an independent multi commodity exchange dealing in products such as gold, oils, metals, fibre, pulses, spices, energ y, and plantations. TMB is the only private sector bank in the country to have become the Clearing Banker for both MCX and National Commodities Derivative Exchange (NCDEX, the bank release said.

— Our Bureau

More Stories on : Private Banks | Commodity Exchanges

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