Muthoot Finance Secures RBI Nod for 115 New Branches

26 Feb 2025 , 08:59 PM

On February 26, Muthoot Finance stated that the Reserve Bank of India (RBI) had granted final approval to open 115 new branches. The company needs to inform the central bank about these new branches.

The RBI has directed that appropriate security arrangement and adequate storage facility for gold ornament including safe deposit vault to be made available by Muthoot Finance.

Muthoot Finance’s net profit grew 32.7% year-on-year at ₹1,363 crore in December quarter, compared to ₹1,027.3 crore during the year-ago quarter. Net interest income (NII) of the company increased by 42.8% to ₹2,721.4 crore compared to ₹1,905.7 crore in earlier fiscal.

Muthoot Finance Ltd is the largest non-banking financial company (NBFC) in India specializing in gold loans. It offers a range of financial services in India, which encompass gold loans, other loan solutions, insurance and money transfer services. Based in Kochi, Kerala, Muthoot Finance has a wide 5,000-plus branch network in India.

The firm owns so the world and has operations in the United Kingdom, America and also the United Arabic Emirates. Muthoot Finance operates as part of the Muthoot Group, a prominent financial group in India.