Muthoot Finance Ltd is the largest gold company in India. The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements. The company is headquartered in Kerala.
In addition to their Gold Loans business, the company provides money transfer services through their branches as sub-agents of various registered money transfer agencies. They have commenced providing collection agency services. They also operate three windmills of 1.25 MW each in the state of Tamil Nadu.
Muthoot Finance Ltd was incorporated on March 14, 1997 as a private company with the name The Muthoot Finance Pvt Ltd. The company is promoted by M G George Muthoot, George Thomas Muthoot, George Jacob Muthoot and George Alexander Muthoot. The company's operating history evolved over a period of 70 years since M George Muthoot (the father of the promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887.
In the year 2001, the company obtained the license from RBI to function as an NBFC. In the year 2005, as per the scheme of amalgamation, Muthoot Enterprises Private Ltd was amalgamated with the company with effect from March 22, 2005.
In May 16, 2007, the name of the company was changed from The Muthoot Finance Pvt Ltd to Muthoot Finance Pvt Ltd. During the year 2008-09, the company opened 278 new branches across various states. Also, they opened regional offices in Sales and Visakhapatnam.
In November 18, 2008, the company was converted into public limited company and the name was changed to Muthoot Finance Ltd. They obtained fresh RBI license to function as an NBFC without accepting public deposits, consequent to change in name.
During the year 2009-10, the company added 620 new branches. As per the scheme of de-merger, the radio business of the company was de-merged and transferred to Muthoot Broadcasting Pvt Ltd with effect from January 01, 2010.
The company opened 316 new branched between April 2010 to August 2010. As of August 31, 2010, they had 1,921 branches located in 20 states and two union territories in India.
The company intends to continue to grow their loan portfolio by expanding their network through the addition of new branches.