Madurai, Feb. 3 (PTI): The Tamilnad Mercantile Bank Ltd today said it plans to double its current turnover from 10,500 crores to Rs 21,000 crores in three years and introduce internet banking facilities by the beginning of next fiscal.
TMB Managing Director G Narayana Moorthy told reporters here that negotiations were in the final stages for buying software for the Internet banking facility. The bank was also ready to introduce the cheque truncation facility, with the necessary hardware and software, he said.
'Cheque Truncation, introduced as a pilot scheme in all bank branches in Delhi, will help in instant clearing of cheques and will be introduced from April after a trial run,' he said.
Under the scheme, an image of the cheque would be sent to Delhi, where the computer would recognise and clear it.
He claimed that TMB was the only private bank to enter into Bilateral Key Arrangements (BKA) with 650 banks. This would help exporters in LC opening and advising and confirming transfer of money at a faster pace, Naryaana Moorthy said.
TMB was negotiating with General Insurance companies to provide mediclaim facility to depositors and creditors. If the premium was low, TMB would absorb it and if high, collect the amounts from customers. They also planned to provide insurance facilitie"
Monday, March 5, 2007
Tech World
The tier-two cities in Tamil Nadu are fast emerging as new IT destinations, with a number of projects aimed at attracting IT investment nearing completion in cities like Madurai, Coimbatore and Trichy.
Initiatives have already been taken up to set up an information technology park in Coimbatore on the lines of Chennai's Tidal Park. Similarly, the Electronics Corporation of Tamil Nadu (Elcot) is setting up two IT parks in Madurai and Trichy, which are expected to get the status of special economic zones.
In Trichy, about 135 acres of government land had been transferred to Elcot for the purpose of establishing IT parks. Sources in Elcot told Business Standard that the corporation had acquired 135.04 acres at Navalpattu on the outskirts of the city, where it would set up an IT park soon. The corporation has submitted a proposal to the government to declare the park as a special economic zone for IT and IT-enabled services. Elcot plans to construct a built-up area of about one million square feet.
Navalpattu, situated on the Trichy-Pudukkottai highway, was chosen for the project considering its proximity to the Trichy International Airport. Elcot is looking at the possibility of acquiring more land near the site for future"
Initiatives have already been taken up to set up an information technology park in Coimbatore on the lines of Chennai's Tidal Park. Similarly, the Electronics Corporation of Tamil Nadu (Elcot) is setting up two IT parks in Madurai and Trichy, which are expected to get the status of special economic zones.
In Trichy, about 135 acres of government land had been transferred to Elcot for the purpose of establishing IT parks. Sources in Elcot told Business Standard that the corporation had acquired 135.04 acres at Navalpattu on the outskirts of the city, where it would set up an IT park soon. The corporation has submitted a proposal to the government to declare the park as a special economic zone for IT and IT-enabled services. Elcot plans to construct a built-up area of about one million square feet.
Navalpattu, situated on the Trichy-Pudukkottai highway, was chosen for the project considering its proximity to the Trichy International Airport. Elcot is looking at the possibility of acquiring more land near the site for future"
Paramount to enter western Indian skies
Madurai (TN), Feb 28. (PTI): Private carrier Paramount Airways, which has a strong presence in south India, would enter the western Indian skies by the end of this year and add 15 more aircrafts to its kitty in the next three years.
Talking to reporters here after the launch of Paramount's fourth flight in the Chennai-Madurai sector on Monday evening, the company's Managing Director M Thiagarajan said the airline would try to provide maximum number of services across the cities in the western region.
However, he did not divulge the names of the cities the airline would serve in the region.
"By early 2010, we will have a national presence," he added.
Paramount will induct 15 more Brazilian made 70-seater Embraer 170/175 and 110-seater Embraer 195 aircrafts in phases within the next 36 months, he said.
The carrier already owns five Embraer 170/175 aircrafts and connects eight destinations in South India through 50 daily flights.
Though a newcomer in the aviation sector, the airliner carries an average 100 tonnes of cargo daily, he said.
Paramount will also launch its services to Tiruchirapalli in Tamil Nadu and Kozhikode in Kerala soon.
"Our efforts to provide cost-effective excellence will continue in the forthcoming services also," Thiagarajan said.
The Embraer aircraft with "lower maintenance costs, greater speed and lesser fuel consumption," contribute in cutting flying costs, he claimed.
On the high Air Turbine Fuel (ATF) prices in India, he said the taxes on the fuel should be rationalised.
The sales tax varied from one State to the other from 23-30 per cent. The customs and excise duties were also higher, he said.
"Despite India being an ATF surplus country, the prices are much higher compared to international prices and the fuel expenses account to over 30 per cent of the total flying costs," he said.
The Federation of Indian Airlines, an association of domestic carriers, has asked the Civil Aviation Ministry to lower the taxes on ATF.
"If the tax rates come down, we will be able to lower our ticket charges from 15 to 20 per cent," he added.
Apart from rationalisation of tax, he also wanted the coming Union Budget to provide continuation of withholding taxes on lease payments of aircraft.
Paramount Airways is promoted by the Paramount Group, leading textile manufacturer based in Madurai.
Sun TV ignores Karunanidhi's son birthday
Chennai, March 1 (IANS) Tamil Nadu Chief Minister M. Karunanidhi's son M.K. Stalin turned 55 Thursday amid total blackout of his birthday celebrations by a popular Tamil channel even as national channels went head over heels showing hundreds queuing up to greet him.
Huge cut-outs of Stalin and Karunanidhi lined roads in the city Thursday and in the ruling Dravida Munnetra Kazhagam (DMK) headquarters.
Stalin is seen as the automatic choice for the DMK's next chief ministerial candidate.
However, since 2004, there have been other DMK aspirants for the post, including union minister Dayanidhi Maran and Karunanidhi's another son, M.K. Azhagiri.
Azhagiri has now become the king of the state's southern districts following the death of P.T.R. Palanivel Rajan, a DMK stalwart from Madurai.
Two months ago, his birthday was celebrated as colourfully and with as much fanfare as Stalin's by the DMK. The party patriarch went all the way to Madurai to be with his son, who until 2001, was seen as an estranged son.
Another interesting development in Chennai has been the emergence of M.K Kanimozhi, Karunanidhi's daughter, on public platform. Last week, she was not only declared Karunanidhi's literary heir but was also seen splashed across local newspapers, in elder brother Stalin's company during a weeklong cultural bonanza she organised.
So, while the Karunanidhi family has been consolidating itself, noticeable is the blacking out of Stalin, Alzhagiri and Kanimozhi by Sun Television, a major cable network group, run by Kalanidhi Maran, elder son of late Murasoli Maran, a former union minister from the state.
The Sun group with 14 language channels did not even carry a scroll saying Stalin, a former Mayor of Chennai, had turned 55. Instead, they showed a newly-elected mayor of the city taking oath.
Huge cut-outs of Stalin and Karunanidhi lined roads in the city Thursday and in the ruling Dravida Munnetra Kazhagam (DMK) headquarters.
Stalin is seen as the automatic choice for the DMK's next chief ministerial candidate.
However, since 2004, there have been other DMK aspirants for the post, including union minister Dayanidhi Maran and Karunanidhi's another son, M.K. Azhagiri.
Azhagiri has now become the king of the state's southern districts following the death of P.T.R. Palanivel Rajan, a DMK stalwart from Madurai.
Two months ago, his birthday was celebrated as colourfully and with as much fanfare as Stalin's by the DMK. The party patriarch went all the way to Madurai to be with his son, who until 2001, was seen as an estranged son.
Another interesting development in Chennai has been the emergence of M.K Kanimozhi, Karunanidhi's daughter, on public platform. Last week, she was not only declared Karunanidhi's literary heir but was also seen splashed across local newspapers, in elder brother Stalin's company during a weeklong cultural bonanza she organised.
So, while the Karunanidhi family has been consolidating itself, noticeable is the blacking out of Stalin, Alzhagiri and Kanimozhi by Sun Television, a major cable network group, run by Kalanidhi Maran, elder son of late Murasoli Maran, a former union minister from the state.
The Sun group with 14 language channels did not even carry a scroll saying Stalin, a former Mayor of Chennai, had turned 55. Instead, they showed a newly-elected mayor of the city taking oath.
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