150 new branches can be opened by Muthoot Finance in India, after gaining approval from the RBI

5 Jul 2022 , 12:07 PM

The Reserve Bank of India (RBI) has given the gold loan NBFC Muthoot Finance permission to build 150 new branches throughout the country.

With the RBI’s approval, the company’s growth momentum will be boosted, and it will be easier for new consumers to make use of the company’s other services and to add them to their client base.

There was reportedly a rise in credit demand as a result of the pandemic’s difficulties. Given the difficulties the underbanked experience accessing credit, NBFCs and gold loan financiers have become a reliable choice for borrowers to meet their cash needs for personal or business purposes.

After a hiatus of over three years, Muthoot Finance will be launching new branches, and this new growth will help in broadening its reach to the underbanked and underserved people throughout India.

The business intends to expand its branch network throughout South and North India. As the company expects to train and hire 600 more individuals to support this expansion, branch expansion will also help to create employment opportunities in the sector.

In order to make loans even more accessible and simple to obtain, Muthoot Finance recently launched its doorstep service of gold loan@home across South India. In FY22, the company’s consolidated Assets under management increased by 11% to Rs64,494 crores, and it made Rs4,031 crores in profit.