Kerala based gold loan player Muthoot Finance has applied to the Reserve Bank of India
for a banking license. "We are looking to convert our existing network
of 4,400 branches into full fledged bank branches subject to RBI
approval," KP Padmakumar, executive director, Muthoot Finance said. He
added that 70% of the branch network was in rural and Tier II locations.
RBI regulations mandate new banks to open at least 25% of its branches
in unbanked rural centres.
Saturday, July 27, 2013
Muthoot Finance to raise Rs 400 cr via bond issues in Aug
Muthoot Finance to raise Rs 400 cr via bond issues in Aug
The recent fall in gold prices has not led to any
contraction in gold loan demand for Kerala-based Muthoot Finance, which
is also planning to mop up Rs 400 crore through bond issues in August.
So far, the company has not seen any deterioration in the credit
quality, according to Oommen K Mammen, the CFO, Muthoot Finance.
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