Tuticorin, Nov 11: The Tamilnad Mercantile Bank Ltd is introducing 'Anywhere' banking products, aimed at eliminating transit time and cost.
Customers opting for any of these products, being unveiled on its 82nd anniversary today, could operate their base account from any of the branches across the country, bank chairman R Natrajan told reporters here yesterday.
The bank during the current fiscal had opened seven more branches, he said adding that a branch would be started shortly in Cuttack in Orissa. It had also sought permission from RBI for opening six more branches.
Describing the bank's half-yearly results for the quarter ending September 2003 as "quite encouraging", he said it earned an operating profit of Rs 90.95 crore as against Rs 66.58 crore during the same period previous year. While the interest revenue rose by Rs 22.37 crore to Rs 253.21 crore, other income was Rs 56.22 crore.
Natraj said the bank aimed to touch a business volume of Rs 7,900 crore by the end of the current fiscal and Rs 10,000 crore by March 2005.



With the competitive and diversified product range coupled with focus on improving low cost deposits and retail assets, the bank in the process hoped to achieve a deposit level of Rs 5,100 crore and advances of Rs 2,800 crore.



The bank had effected transfer of shares to the individual investors mostly belonging to Nadar community and also decided to convene the annual general meetingon Dec 7 here, he added.


Bureau Report