NEWS & ADVICE : PERSONAL LOAN
Muthoot Group to evaluate entry into banking sector, will not convert into a bank: Chairman
By Vaibhav Aggarwal
May 28, 2013
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Gold loan non-banking financial company, Muthoot Group will definitely evaluate an entry into the banking sector, however will never convert Muthoot Finance Ltd into a bank, even if the guidelines permit, said Mr. M G Muthoot, Chairman.

"If they (RBI) give a separate licence for the bank based on the work we have done in all these years, then we will go for it. We will only go for a separate bank," he said.

"Banking licence is an interesting prospect. We will definitely evaluate it. But there has to be a strategic fit with existing lines of business," said Mr. Alexander George Muthoot, Director, Muthoot Group.

Muthoot Finance is also aiming at growing its assets under management by 10 per cent this fiscal, Mr. M. G. George Muthoot said.

The group is also laying an ambition to open 300-400 branches this fiscal, taking the overall network to about 4,500 branches, Mr. Muthoot said. The total branch network was only 37 in 1993.

About 70 per cent of the new branches are in semi-urban and rural areas. The average size of each loan is Rs 35,000, and nearly 60 per cent of the loans is less than Rs 1 lakh.

The new branches will mostly come up in these regions and is going to help improve financial inclusion, the Chairman of the company said.


 

 

 


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