Tamilnad Mercantile Bank's Digital Transformation: A Game Changer
Tamilnad Mercantile Bank is set to complete its digital transformation by the end of the financial year. The bank has invested Rs 150 crore for its technological advancements, including new software and a revamped net banking platform. It has seen a 6.27% rise in net profits due to these improvements.
- Country:
- India
Tamilnad Mercantile Bank, a notable player in the private banking sector, is gearing up to conclude its digital transformation initiative within the financial year, aiming for an advanced technological leap.
The Tuticorin-based bank has invested Rs 150 crore in technology-driven projects, which include Oracle software developments and streamlined digital banking capabilities for its clients.
The bank recently reported a notable increase in net profits for the April-June quarter, attributing much of its growth to the reduction in provisions and strategic technological upgrades.
(With inputs from agencies.)
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