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By Chennai, June 6, 2023: Tamilnad Mercantile Bank Ltd (TMB), one of the renowned Old Private Sector Banks, having its headquarters in Thoothukudi, Tamil Nadu, today announced the opening of the first dedicated MSME processing hub in Chennai.
The processing hub will cater to the timely needs of MSME customers, reduction of turnaround time and help to increase the MSME portfolio of the bank.
The bank aims to open other MSME processing hubs in Tamil Nadu in Coimbatore, Madurai and Thoothukudi shortly during the first quarter of the current FY. In July to September this year, the Bank also aims to start MSME hubs at other centers pan-India.
There will be Relationship Managers attached with the MSME Hubs who will be assisting the customers end-to-end for the loan disbursement right from sourcing the proposal. These services will cover 200 branches in Tamil Nadu in the initial phase.
The MSME hub will ensure efficient delivery of services and products to MSME customers.
The hub has been opened in order to segregate sourcing of proposals and credit decisions, ensure qualitative improvement in credit appraisal and sanction, maintain uniform appraisal standards, maintain high standards of assessment quality, reduce credit sanction turnaround time (TAT) and adhere to transparency and compliance in MSME lending.
Speaking on the decision for the same, Shri S Krishnan, MD & CEO of TMB said, “MSMEs are the growth engine of the Indian economy and form a very important component of our growth strategy. It is imperative that we extend our support to MSMEs by focusing our products and services to serve them the best. By establishing MSME processing hub in centres that are the hot-bed of MSMEs, we commit to focus better on credit expansion with credit quality.”
TMB has a long cherished history of 100+ years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry. The Bank has a pan-India presence with 533 branches and 12 Regional Offices across 17 states and 4 Union Territories and serves more than 5 million delighted customers.
About Tamilnad Mercantile Bank
Tamilnad Mercantile Bank is a leading financial institution headquartered in Thoothukudi, Tamil Nadu. The Bank has a pan-India presence with 533 branches and 12 Regional Offices across 17 states and 4 Union Territories and serves more than 5 million delighted customers. Since its inception, Tamilnad Mercantile Bank has been committed to empowering individuals and businesses through its comprehensive range of banking products and services.
