TMB to become clearing banker for MCX

Tuticorin-based Tamilnad Mercantile Bank (TMB) has entered into an agreement with Multi Commodity Exchange (MCX) to become its clearing banker.

The tie-up paves the way for brokers to open accounts for settlement purpose. Through this alliance, the bank wants to increase its fee-based income and no-cost deposits, the bank said in a statement.

MCX is an independent and de-mutualised multi-commodity exchange which deals in products such as gold, oil, metals, fiber, pulses, spices, energy and plantations.

TMB has already become a clearing banker for NCDEX (National Commodities Derivative Exchange), thus becoming the only private sector bank in the country to act as clearing banker for both the exchanges.

The agreement was signed by TMB Managing Director and CEO G Narayanmoorthy and MCX deputy Managing Director Joseph Massey.

Source: EconomicTimes