Muthoottu Mini Financiers Ltd Announces Vast Expansion and Remarkable Restructuring Plans

MUMBAI:
Muthoottu Mini Financiers Ltd, one of the largest Non-Banking Financial Companies (NBFC) in India, today announced its vast expansion and remarkable restructuring plans across the country. The company aims for a business growth of INR 1000 crores in this financial year (FY 2020-21) through its expansion and restructuring strategy.

Muthoottu Mini Financiers inaugurated 1 Zonal Office in Vijayawada and 13 new branches in Andhra Pradesh as a part of its geographical expansion plan. The new branches were inaugurated digitally by Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd from Muthoottu’s Kochi head office, adhering to all the Covid-19 protocols. The newly inaugurated branches are: Gooty, Ananthpuram, Guntakal, Yemmiganur, Nandyala, Kalyandurgam, Narasaraopeta, Dhone, Ongole-Kurnool road, Tadipatri Main, Kurnool-Kallur Estate, Ongole Main, and Tadipatri-Kadapa Road.

Speaking on the inauguration Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd said, “We are very happy to announce the inauguration of our new branches in Andhra Pradesh and the zonal office in Vijayawada. With the inclusion of these new branches and the zonal office, the company will now have 806 branches across 10 states, and 1 Union Territory spanning across India. In an endeavour to strengthen and serve our customers better, we are committed to making a sincere effort to increase the number of branches by the end of this financial year. Our aim is to outspread our network and reinforce our operations in Gujarat, Maharashtra, Delhi, Haryana, Telangana and few more branches in Andhra Pradesh in the future by keeping the customers’ best interests in mind”.

As part of its revamp and expansion plan and to enhance growth, the company has announced to launch self-governing Zonal Offices managed by Zonal Managers. “We are completely restructuring our operations by launching zonal offices based on geographical divisions. Each of these zonal offices will have 70-100 branches which will gradually scale up to 150. Each zonal office will be headed by a Zonal Head. We are targeting to have 9 zonal offices altogether by the end of this financial year, of which 2 zonal offices are already functioning based out of Salem and Vijayawada” said Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd.

The company digitized the branches across India during the country-wide lockdown to sustain quality service to the customers. This initiative enabled the customers to avail gold loans by making a one-time visit to the branch for the pledge of their gold holdings. Customers had the liberty to make payments online from the comforts of their homes and also avail seamless top-up facility on the existing gold loans which can considerably reduce the cost of funds for them.

“The pandemic has fueled the growth of digital gold loans as customers preferred it as a convenient option. Also, we have elaborate plans to replace our existing in-house Core Banking Solution with a more competitive and cutting-edge technology and a technically efficient system. We are proud to say that we have seen a steady growth in the last few months despite the pandemic. We are planning to bring 25% of our business from our digital platform. We also envision to become the most preferred financial services partner among startups, SMEs, MSMEs, middle income and the lower middle income group across India” said Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd.

The company currently has over 3000 employees and have employed over 400 staff members across the country this year. “Lakhs of people have lost their jobs during this pandemic. In order to mitigate the impact of this global crisis, we are creating career opportunities by successfully employing deserving candidates thereby helping in rebuilding our nation “ said Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd.

Muthoottu Mini Financiers Ltd has reported 25% growth in its Assets Under Management (AUM) as well as a surge in its profit by 44% in the last financial year. The rating agency, ‘India Ratings and Research (Ind-Ra)’ has upgraded the credit rating of Muthoottu Mini Financiers Ltd placing reliance on its strengthened financial base. The company is preparing to go for its Initial Public Offering (IPO) within next two years.