TMB to open specialised branch for NRIs

Tamilnad Mercantile Bank (TMB) will set up a specialised branch for NRIs in either Tamil Nadu or Kerala, a top bank official said here today.
"The scheduled commercial bank has shortlisted some locations in the two states and modalities are being worked out. Most probably it would be in Tamil Nadu," TMB Managing Director and CEO H S Upendra Kamath told reporters.
Depending on its success, the bank would open two or three more such NRI branches in the country, he said.
The bank also has plans to increase its branches to 500 from the present 439 and ATMs from 910 to 1,100 by March 2016.

He said the bank was planning to launch five new IT-based products.
It has launched two products -- Fleet Card and Campus Card -- on a pilot basis.

The pre-loaded Fleet Card is meant for truck drivers to enable them to refuel their vehicles at any outlet, while the Campus Card will allow students to pay their college fees, Kamath said.
On the bank's performance, he said it has set a target of Rs 55,000 crore business for this fiscal as against Rs 45,200 crore in 2014-15.
Non-performing assets has been brought down to 0.63 per cent, he said.