TMB soars on being appointed by RBI as agency bank for undertaking government business

Tamilnad Mercantile Bank jumped 5.13% to Rs 535.90 after the bank announced that it has been authorized by the Reserve Bank of India (RBI) to undertake government business on behalf of RBI.

An agreement in this regard has been executed by the bank with RBI for appointing the bank as an agency bank of RBI for undertaking Government Agency Business.

S.Krishnan, MD & CEO, Tamilnad Mercantile Bank (TMB) said, On getting listed in the Stock Exchanges, Tamilnad Mercantile Bank, is back to enrich our vision in expanding the network PAN India, with added features in the products and services.

Adding to the momentum, the bank has been authorised by RBI for undertaking Government Business on behalf of RBI and thereby executed an agreement with RBI at Mumbai for having appointed Tamilnad Mercantile Bank as an agency bank of RBI for undertaking Government Agency Business.

Tamilnad Mercantile Bank (TMB) is one of the renowned old private sector banks. TMB has a pan India presence with 509 branch and 12 regional offices across 16 states and 4 union territories. The bank reported 37.52% rise in net profit to Rs 262.30 crore on a 3.7% increase in total income to Rs 1141.49 crore in Q2 FY23 over Q2 FY22.

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