Tamilnad Mercantile Bank authorised by RBI to take government business

On Wednesday, private sector lender Tamilnad Mercantile Bank (TMB) announced that the Reserve Bank of India had granted it permission to carry out government business on the banking regulator’s behalf.

In Mumbai, the bank and RBI signed a contract designating TMB as a “agency bank” of RBI to handle government agency business. TMB was established in 1921 as Nadar Bank. It offers a range of services primarily to micro, small and medium enterprises, agricultural and retail customers.

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