The Hindu : TMB to cut interest rates

Online edition of India's National Newspaper
Friday, Jul 04, 2003

Business

Business

TMB to cut interest rates

By Our Staff Reporter

MADURAI JULY 3. Tamilnad Mercantile Bank (TMB) is all set to reduce the interest rates on both deposits and advances with effect from August. The formal announcement of the exact reduction, however, is expected later this month after a meeting of the board. The bank has also unveiled a long range plan of touching a business volume of Rs. 10,000 crores with a net profit of Rs. 100 crores before March 2005.

Addressing a press conference here, the TMB Chairman, R. Natarajan, said the bank's new rates would be on a par with the ones of public sector banks, he said.

On the performance of the bank, he said its deposits stood at Rs. 4,080 crores and advances at Rs. 2,120 crores in 2002-03. The business volume had crossed Rs. 6,200 crores as on March 31, 2003. By the end of the current fiscal, the bank was aiming at Rs. 5,100 crore deposits and Rs. 2,800 crore advances.

About non-performing assets (NPA), Mr. Natarajan said the bank had recovered bad debts to the extent of Rs. 45 crores last year and the level of NPA was expected to come down to 6 per cent. A currency note sorting machine, costing Rs. 20 lakhs, was inaugurated by S. Rathinavelu, President, Tamil Nadu Chamber of Commerce and Industry.

Printer friendly page
Send this article to Friends by E-Mail

Business