With the challenges posed by the pandemic, there was reportedly an increase in the demand for loans. Considering the constraints faced by underbanks to avail loans easily, NBFCs and gold loan financiers have emerged as a reliable option for borrowers to meet their capital requirement for business needs or personal finance.
Finance will open new branches after a gap of almost three years and this new expansion will help in expanding the reach of underbanked and underserved customers across India.
The company plans to expand branches across South India and North India. The branch expansion will also help in creating employment opportunities in the region as the company plans to train and hire 600 more people to support this expansion.
Speaking about this positive development, Mr. George Alexander Muthoot, MD, Muthoot Finance said, “At Muthoot Finance, we have always aimed to make credit accessible to all and remove the barriers that people often face in getting credit. encounter in the process. , We would like to thank RBI for giving us the much-awaited approval to expand our operations and open 150 new branches across India. RBI approval for branch expansion is a positive development for our business and also strengthens regulatory confidence in gold loan NBFCs. As the economy slowly recovers, gold loan demand remains stable and RBI approval for branch expansion reinforces our optimism about 12-15% growth in gold loans for FY13 Is.
He said, “150 new branches will be added to the existing network of 4617 branches and we are planning to make these branches operational by next two months. With this move, we aim to deepen our penetration for the underprivileged section of the society. It aims to assist our customers in fulfilling their dreams and also create employment opportunities.”
Muthoot Finance has recently expanded its doorstep Gold Loan@Home service across South India to make getting credit more accessible and easier. The company has raised 11% to Rs. Seen consolidated assets under management growth of Rs. 64,494 crore and profit of Rs. 4,031 crore for FY22.