private sector lender Tamil Nadu Mercantile Bank (TMB) said on Wednesday that it has been authorized by reserve Bank of India to run the government Business from the banking regulator. An agreement was signed by the bank with the Reserve Bank of India in this regard Mumbai to appoint tmb As an ‘Agency Bank’ of the Reserve Bank of India for undertaking government agency business.

“On being listed on the stock exchanges, Tamil Nadu Mercantile Bank Limited is back to enrich our vision in expanding the network pan India With additional features in products and services,” MD & CEO of the bank S Krishnan said in a press release.

“It gives me immense pleasure to share this appointment by RBI with all our stakeholders,” he added.

TMB is one of the oldest private sector banks with a history of over 100 years, established in 1921 Nadar Bank, The bank primarily provides a wide range of services to micro, small and medium enterprises, agriculture and retail customers. The bank had reported a 37.1 per cent rise in net profit to Rs 262 crore for the July-September quarter of FY23 on a rise in income and decline in bad loans. The bank had earned a net profit of Rs 191 crore in the previous year period.