Muthoot Pappachan Group’s financial services businesses get aggressive


Kochi: Muthoot Fincorp Ltd., the flagship company of the Muthoot Pappachan Group today iterated that the Group’s Financial Services businesses were primarily targeted towards financial inclusion, thus de-facto partnering the Central and State Governments in their priority areas – be it housing for all by 2022, or making financial resources available for income generation for the wider segment of the population at the bottom of the pyramid and encouraging Indian households to recycle old gold jewellery holdings in a concerted attempt to reduce imports and save on precious foreign exchange reserves.

Thomas John Muthoot, Chairman, Muthoot Pappachan Group, said, “Our Group has from inception historically addressed the financial needs of the underserved segment, pioneering Gold Loan products over 100 years ago and today offering them income generating loans or affordable low cost housing loans. We at MPG, use our expertise and understanding of the underserved segment to improve their lot and contribute to national prosperity. For the housing finance arm, Muthoot Housing Finance plans to increase its customer base to more than 50 thousand customers in the next five years.”

“For the micro-finance arm, having secured NBFC-MFI license earlier in 2015, Muthoot Microfin, currently 7th largest player with a customer base of 10 lakh women entrepreneurs aims to become the 2nd largest micro-finance company by 2018 providing income generating loans to 50 lakh rural households. Muthoot Capital Services is planning to tie-up with more number of two-wheeler manufacturers to finance two-wheeler loans across the country. Muthoot Precious Metals, aims to be the leader in the organised segment to recycle old and used household jewellery and garner the first mover advantage with the opening of its first recycling centre in Coimbatore and many more to be opened in the current fiscal year”, he added.

Muthoot Fincorp offers easy and simple products at his doorstep through its wide network of 3,800 branches. The Company added 14 lakh new customers and disbursements of Rs. 26,765 crores during the last two financial years.

Muthoot Housing Finance Company Ltd. (MHFCL) provides home finance to the low ticket informal sector customer who finds it difficult to avail of finance from Banks. MHFCL has so far provided loans to more than 6,700 customers at an average ticket size of Rs. 5.5 lakhs.

Kerala Biz News


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