 "RBI lifts ban on new branches by Tamilnad Mercantile Bank")
In what may turn out to be a boost for the growth plans of 101-year-old Tamilnad Mercantile Bank (TMB), the Reserve Bank of India (RBI) has lifted its three-year ban on opening new branches by the Thoothukudi-based bank with effect from October 21.
The Bank’s shares were listed in the stock exchanges on September 15. At present, it has 509 branches -- 106 rural, 247 semi-urban, 80 urban and 76 in metropolitan.
Out of this, only around 40-50 were loss making. There were media reports that indicated that the bank may be looking to add another 100-150 branches in the next 18-24 months, the majority of which will be in states other than Tamil Nadu.
The Apex Bank took the decision to come up with restrictions on the bank reportedly in June 2019.
Out of this, only around 40-50 were loss making. There were media reports that indicated that the bank may be looking to add another 100-150 branches in the next 18-24 months, the majority of which will be in states other than Tamil Nadu.
The Apex Bank took the decision to come up with restrictions on the bank reportedly in June 2019.
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