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Home » Banks » TamilNadu Mercantile Bank Ltd

TamilNadu Mercantile Bank Ltd

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The history of Tamilnad Mercantile Bank Ltd., dates back to 1921. The thought of establishing a bank under the guidance of the able Nadar business community was mooted out in the Anniversary of Nadar Mahajana Sangam held at Tuticorin in 1920. The proposal was effected soon. The bank was registered on 11.05.1921 as "The Nadar Bank Ltd".

The migrant Nadars from Southern areas around Thiruchendur, Tenkasi, Kumari and Tirunelveli to villages and towns of former Ramanathapuran & Madurai district and Palani/Kodai Hill Ranges set up Community funds to Pettais & Bazar Sandhais, to promote Tamil Folk life culture pockets and Ancestor worship centers in places around Sivakasi, Thiruthangal, Sathangudi, Sathur and also begin social institutions. Several all the major Nadar settlements consolidated their hold in Mercantilism in Bulk and Retail trade network in Grains, Cereals, Pulses, Oilseeds, cotton, Spices, palm and wood based products, etc.

In the early part of 20th Century A section of community members could gain holding of estate properties in the western & eastern ghats and establish links in export/import Port Terminals of Indian Subcontinent, Colombo and Rangoon.

This bank in particular is the only bank to make profit throughut its history since 1912.

In the 20th Century, The Nadars of southern district made an impressive share in running Retail stores in Metro Cities of North Tamil nadu making them affectionately called as Annachi Kadaihal or Nadar Malihai.

In 1910 when the Nadars in Porayar -- under the aegis of the Nadar Mahajana Sangam of the Tanjore district -- decided to start a bank and passed a resolution. In 1921, mAMM Chinnamani Nadar, then only 27 -- took an active part in the formation of the bank., M V Shunmugavel Nadar a prominent man of Tuticorin further pushed the agenda and The Nadars' resolution to start the bank in the year 1910 fructified 11 years later in Tuticorin in 1921, when the Nadar Bank was registered.

M V Shunmugavel Nadar became the bank's first chairman. In 1962, the Nadar Bank became the Tamilnad Mercantile Bank.

Tamilnad Mercantile Bank Ltd.,
Regd. Office : 57, V.E. Road,
TUTICORIN - 628 002.
Tamil Nadu
India
Author - Liberty Writer
Lasted updated - February 3, 2008
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