RBI authorizes Tamilnad Mercantile Bank as agency bank; stock rises ~4%

1 Dec 2022 , 02:55 PM

Tamilnad Mercantile Bank Limited (TMB), one of the leading scheduled commercial banks, has realigned its vision of expanding its network to strengthen its business following the listing of the bank’s shares on stock exchanges.

Moving closer to the vision, the bank has now been authorised by the RBI as an Agency Bank for conducting Government Business.

The bank has been authorised by the RBI to conduct Government Business on its behalf and has thus executed an agreement with the RBI in Mumbai to appoint Tamilnad Mercantile Bank as an RBI agency bank for conducting Government Agency Business.

Tamilnad Mercantile Bank Limited (TMB), one of the renowned Old Private Sector Banks with its Head Quarters in Thoothukudi, Tamilnadu, has a long and illustrious history of 100+ years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry.

At around 2.58 PM, Tamilnad Mercantile Bank was trading 3.80% higher at Rs529.95, against previous close of Rs509.90 on NSE. The counter hit intraday high and low of Rs548.50 and Rs517.30 respectively.

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