TMB’s first-ever dedicated MSME processing hub in Chennai

CHENNAI: Tamilnad Mercantile Bank Ltd (TMB) having its headquarters in Thoothukudi, on Monday 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 Coimbatore, Madurai and Thoothukudi shortly during the Q1 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 TN in the initial phase. The MSME hub will ensure efficient delivery of services and products to MSME customers.

The hub has been opened to segregate sourcing of proposals and credit decisions, ensure qualitative improvement in credit appraisal and sanction, maintain uniform appraisal standards and high standards of assessment quality, reduce credit sanction turnaround time and adhere to transparency and compliance in MSME lending.

S Krishnan, MD-CEO, TMB said, “MSMEs are the growth engine of the Indian economy and form an important component of our growth strategy. 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 history of over 100 years with strong fundamentals and an enviable track record.