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Muthoot Fincorp co-sponsors the 14th Asianet Film Awards
Muthoot Fincorp Limited was the cosponsor for the 14th Asianet Film Awards held in Dubai. The star studded award ceremony was attended by a 20000 strong audience from across the GCC. Mr. George Lamannil , Executive Director & General Counsel - MPG and Suhas Soman, CEO- MFL presented awards on behalf of the group for Best Film and Best Music Director. The film fraternities of Malayalam, Hindi and Tamil were well represented by movie stars, directors, singers and songwriters. 'King Khan'- Shah Rukh Khan stole the show.
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Finance companies looking to lend more to low-cost housing segment
20 January 2012
Muthoot Fincorp, whose mainstay is gold loans, launched a housing finance subsidiary three months back. The company chose to enter this segment as there are not too many players right now, said Mr Thomas John Muthoot, Chairman and Managing Director.
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Muthoot rated among India's Most Trusted Brands
18 January 2012
Muthoot was rated among India's Most Trusted Brands in The Brand Trust Report, India Study, 2012. The Brand Trust Report 2012 lists a total of 1,000 brands that score high in terms of trust. The study was conducted with 2,718 'influencer' respondents from 15 cities, and generated more than 2 million data-points from 12,000 hours of research.
Muthoot has been ranked in the BFSI, Finance category. The study reflects how deeply Muthoot is trusted and is measured by a comprehensive Brand Trust study on TRA's proprietary 61-components.
Most trusted brands in some other categories are Armani in Branded Fashion, DLF in Construction, NIIT in Education, ONGC in Energy, PVR in Entertainment, Pepsi in F&B, Dabur in Healthcare, Taj Hotels in Hospitality, Google in Internet, ACC in Manufacturing, Thomas Cook in Services, Being Human in Social Sector, Hewlett Packard in Technology, and Air India in Airlines.
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MFI's riding on new challenges
The Economic Times
17 January 2012 |
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Bridging the gap in the housing sector – Muthoot Housing Finance
Mint
13 January 2012 |
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Muthoot Fincorp plans to divest promoter stake
Muthoot Fincorp plans to dilute 5-6% of its stake to Private Equity players or strategic investors.
The Economic Times
11 January 2012 |
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The Hindu Business Line
11 January 2012 |
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Business Standard
11 January 2012 |
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Economic Times - Hindi
11 January 2012 |
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Read the report online:
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Will gold shine in 2012 too?
2 January 2012
Gold's spectacular sprint has been cut short by a speed bump in the past few weeks. From an all-time high of over $1,900 an ounce ( 35,332 per 10 gm at $1: 52.72) in September, the price of the precious metal fell to under $1,590 an ounce ( 29,520 per 10 gm) in mid-December. The question worrying investors now is whether this obstacle will lead gold prices to trip and fall, or will they touch even higher peaks?
Click here to read the report online.
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Many ways to participate in wealth creation via gold
23 December 2011
Both gold investment plans and gold financing schemes are becoming popular ways of buying the yellow metal. More and more jewellers, financial institutions and banks are coming up with schemes to help investors buy gold without making the full payment.
Financing options: Titan's mass-market jewellery brand, GoldPlus, has systematic investment plans (SIPs) for two gold schemes in addition to an equated monthly instalment (EMI) financing scheme.
Click here to read the report online.
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Muthoot Fincorp says IPO likely by end of '12
14 December 2011
Muthoot Fincorp, a gold loan company, is preparing to hit the capital market with an IPO over the next 12-15 months. Muthoot Fincorp is promoted by Kerala's Muthoot Pappachan Group and it has a gold loan portfolio of Rs 5,000 crore.
"We expect to complete a pre-IPO placement of shares next year and then the IPO will follow. We are in talks with a few players for the pre-IPO placement. Right now, we are a family-owned company. We expect to hit the capital market in the last quarter of 2012 or first quarter of 2013," said Thomas Muthoot, executive director of Muthoot Fincorp.
Click here to read the report online.
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Percept Out Of Home executes Muthoot Fincorp's outdoor campaign
8 December 2011
Commenting on this award winning campaign, Rajneesh Bahl, Business Head - Outdoor,
Percept OOH, said, "We are proud to be associated with Muthoot Fincorp; this is one of our recent wins. The campaign was executed in 39 towns across Maharashtra, Gujarat and Punjab. Strategically selected media like billboard, bridge panel, BQS, mobile van, bus back panel, cantilever, gantry, railway platform, kiosk and unipole were taken and overnight execution of the campaign delivered the best reach and effectiveness."
Elaborating on the campaign, a Muthoot Fincorp Ltd spokesperson said, "Our prime objective is to create responsiveness and brand recall for Muthoot Fincorp in the NBFC market. Outdoor advertising has aided in building our brand and reaching out to our target group in the most convenient way. Moving from being a local player to the national level in the gold loan market had to be stated in a grand way. The challenge faced by us was to have a dual effect with the campaign – one, to uniquely promote the 'Gold Loan in 3 min' proposition, and second, to build brand awareness."
Click here to read the report online.
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Percept OOH's outdoor buzz for Muthoot Fincorp
8 December 2011
Percept Out of Home (OOH) planned and executed an exceptional outdoor campaign for Muthoot Fincorp Ltd, the flagship company of the Muthoot Pappachan Group. The campaign kickstarted in Maharashtra, Punjab and Gujarat during the month of November and will be carried till December 2011.
The objective of the campaign was to create awareness by highlighting Muthoot Fincorp's offerings. In the view of this fact, Percept OOH strategised and executed the entire campaign to create maximum awareness, covering all the key locations in the vicinity. In addition, people of Punjab voted this campaign as the Best Campaign in the month of November.
Click here to read the report online.
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Muthoot Fincorp takes its '3 min gold loan' offer pan India
8 December 2011
The company has launched a month-long, out of home campaign to promote its new offer 'Gold Loan in 3 min', across more than 100 towns in various cities in Maharashtra, Gujarat, Delhi, Haryana, Punjab, Tamil Nadu, Andhra Pradesh, and Karnataka.
Click here to read the report online.
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MOMS executes large scale outdoor campaign for Muthoot Fincorp
5 December 2011
MOMS has executed an extensive, large scale wide spread outdoor campaign to promote Muthoot Fincorp's latest product offering, 'Gold loans in 3 minutes'. Additionally, the campaign also targets to establish and enhance the brand image of Muthoot Fincorp. The month long campaign has been executed in more than 80 cities in Karnataka, Andhra Pradesh, Tamil Nadu, Kerala, Haryana etc. including major cities like Delhi.
Click here to read the report online.
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Muthoot Fincorp ties up with MoneyGram
As part of strengthening its position in the money transfer business, gold loan financier Muthoot Fincorp Ltd has entered into an alliance with global instant money transfer brand MoneyGram through UAE Exchange.
read more »
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WGC endorses Swarnavarsham scheme
World Gold Council endorses the Swarnavarsham scheme as an investment.
read more »
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Jewellery sales likely to spurt 30-35% on Dhanteras
NDTV Profit
24 October 2011
High gold prices, ruling at Rs. 26,500 per 10 grams, are unlikely to deter jewellery buyers during the days leading to Dhanteras and traders are expecting a robust season with around 30-35 per cent spurt in sales.
"We expect jewellery sales to grow up to 35 per cent, especially in the light and medium weight category as well as the coins category," Shree Ganesh Jewellery House Marketing and Communications Head Rahul Singh said.
Click here to read the report online.
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Muthoot Fincorp spreads its wings to the Pink city
Jaipur, October 3, 2011
Muthoot Fincorp Limited, the flagship company of the Muthoot Pappachan Group, today took yet another significant step, announcing its entry into Rajasthan by setting up five branches in Jaipur. In North India, it already has a presence in Delhi, Chandigarh, UP, Haryana & Punjab .Chairman and Managing Director, Mr. Thomas John Muthoot, speaking on behalf of the Muthoot Pappachan Group on the occasion said: "Rajasthan, popularly known as the Incredible State of India, is an equally major market for us and we plan to set up 50 branches spread across Jaipur, Alwar, Beawar, Barmer, Kota, Ajmer, Jodhpur, Udaipur, Pali & Bikaner by March 2012."
"Over 30% of our Gold Loans are availed in western and northern India and this number is steadily rising" Mr Muthoot said, adding "Rajasthan will be a major contributor."
Muthoot Fincorp will offer a bouquet of products & services to its customers in Rajasthan including - Express 3 Minute Gold Loan, a product designed to meet the quick need for liquidity, Smart + Gold Loan, where the customer can repay a gold loan in easy monthly instalments and Swarnavarsham, a loan scheme in which the customer can purchase gold in easy instalments. The Group's popular 2 and 3 wheeler financing schemes & the housing finance product primarily targeting the lower to middle income segment will also be launched soon.
"We believe Rajasthan has huge potential and would be one of the key states for us in North India, going forward. We have big plans for Rajasthan and shall employ 200 people in the state by March 2012" Mr Muthoot said.
"We are focused on taking our products and services into the farthest corners of the country and are well aware that a customer comes to us when he has a need and he is looking for quick, efficient & hassle free service. Our products are designed keeping the customer's interest and requirement in mind," Mr Muthoot added.
The 5 branches of Muthoot Fincorp in Jaipur will be located at Rajapark, Mansarovar, Mahesh Nagar, Khatipura Road and Vidhyadhar Nagar.
"We will have 2,000 branches across the country by March 2012," Mr Muthoot said.
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Muthoot Fincorp ties up with Xpress Money
Muthoot Fincorp in its tie up with Xpress Money will through offer express money services through its 1300 branches. This strategic alliance between both companies that are involved in financial services for decades provides NRI's a quick and easy alternative for money transfers.
read more »
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Impacting lives at the grassroots
02 Aug 2011
A look through the window of ACCION's Dialogue on Business, in partnership with Muthoot Pappachan Group, on making a direct impact on the lives of women at grassroot levels. An excerpt from ACCION's blog.
Click here to view blog.
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A Muthoot Fincorp Initiative to support Kerala Police
6 June 2011
Muthoot Fincorp Ltd., the flagship company of Muthoot Pappachan Group, as part of its ongoing social initiative has provided rain coats to Kerala Police at a function held today at the City Police Commissioner's Office in Trivandrum.
Mr. Wilson K. Joseph (Associate President - Vigilance and Security, Muthoot Fincorp. Ltd.) handed over the rain coats to Mr. Manoj Abraham IPS, City Police Commissioner, Trivandrum. Apart from Trivandrum, Muthoot Fincorp will be supplying raincoats to the City Police of Cochin and Calicut too.
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Demand for gold to rise
Akshaya Trithiya, which ranks as one of the most important festivals in the Indian calendar, falls on May 6 this year.
Considered to be one of the most auspicious periods to buy gold, Indians believe that this tradition which has been followed over centuries brings a family prosperity and good fortune.
Ajay Mitra, Managing Director, India and Middle East, World Gold Council said, “Gold has been a time- tested secure asset class and for any investor it is one of the best performing assets. Indians have always had an affinity towards gold and with time gold has transformed itself to becoming an integral part of every locker.”
The World Gold Council in association with Muthoot Fincorp from the Muthoot Pappachan Group is organising a promotion for “Swarna Varsham” ........(Read more)
WGC PARTNERS MUTHOOT, OTHERS FOR 'AKSHAYA TRITHIYA'
- www.indianexpress.com
WGC CONJURES UP NEW INITIATIVES TO CATER TO GOLD DEMAND AS AKSHAYA TRITHIYA NEARS - www.indiainfoline.com
WGC PARTNERS WITH VARIOUS ASSOCIATES FOR AKSHAYA TRITHIYA - www.moneycontrol.com
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Muthoot Pappachan Group forays into the Housing Finance Business
Mumbai, 29 March, 2011.
Kerala based Muthoot Pappachan Group (MPG), one of the leading business houses in South India, today announced its entry into the housing finance segment, post securing its license from National Housing Bank (NHB). The group has its presence in Financial Services, Hospitality, IT Infrastructure, Automotive, Property & Alternate Energy. Presently, the Muthoot Pappachan Group has an annual turnover of over Rs. 20,000 crore and a customer base of over 10 lakh.
The new venture, Muthoot Housing Finance Limited will be a subsidiary of the flagship company Muthoot Fincrop Limited (MFL). The group plans to invest around Rs.100 crore over the next two years in this venture. The new entity would primarily target the low to middle income housing finance segment and aim to disburse small-ticket loans. In the initial phase, the group intends to roll-out branch offices in large urban centers like Mumbai, Chennai, Bengaluru & Ahmedabad.
Muthoot Housing Finance Limited will leverage on the group’s wide geographic footprint, established field experience with informal customer base across geographies and professions as well as its multi pronged credit assessment capabilities across different product lines.
Elaborating on the subject, Mr. Thomas Muthoot, Executive Director, Muthoot Pappachan Group said, "Muthoot Housing Finance Limited is in line with our group’s long-term expansion strategy. We see immense scope in the home loan market, especially in the low income segment. The idea is to be a facilitator to every Indian’s dream of owning a house.”
"The objective is to tap the opportunity in the middle and low income segment, which is yet to be explored fully. We are looking at customers in the informal segment who have a monthly income in the range of Rs 10,000-Rs 30,000 & an average loan size of Rs. 3 lakhs to Rs. 10 lakhs," added Mr Maneesh Srivastava, CEO Muthoot Housing Finance Limited.
Muthoot Housing Finance Company would be headquartered in Mumbai . It plans to start operations by May 2011 and would open 25 branches in the coming financial year. Given the huge demand for housing in the middle to low income segment and the paucity of organized sector finance for informal sector customers, this business offers a huge opportunity and at the same time serves to fulfill a social objective, which the Muthoot Pappachan Group is committed to in all its businesses.
Press
Business Deepika
4 April 2011 |
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Vartamanam
3 April 2011 |
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Vaarta
31 March 2011 |
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Surya
31 March 2011 |
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Indian Express
31 March 2011 |
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Eenadu
31 March 2011 |
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Chandrika
31 March 2011 |
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Mangalam
31 March 2011 |
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Mathrubhumi
31 March 2011 |
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Deccan Chronicle
30 March 2011 |
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Navbharat
30 March 2011 |
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New Age
30 March 2011 |
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Amar Ujala
30 March 2011 |
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Business Bhaskar
30 March 2011 |
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Financial World
30 March 2011 |
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Gujarat Samachar
30 March 2011 |
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Hamara Mahanagar
30 March 2011 |
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Lokmat
30 March 2011 |
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Loksatta
30 March 2011 |
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Malayala Manorama
30 March 2011 |
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New Indian Express
30 March 2011 |
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Veekshanam
31 March 2011 |
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Navshakti
30 March 2011 |
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Sakal
30 March 2011 |
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Prahaar
30 March 2011 |
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Business Standard
30 March 2011 |
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Online
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Muthoot Fincorp Inaugurates its Zonal Office in Chennai
Muthoot Fincorp Ltd, one of the leading Gold Loan companies in the country, is in an expansion mode this year. Keeping in line with the company’s strategy to strengthen its presence in South India, Muthoot Fincorp Ltd has today inaugurated its Zonal Office in Chennai.
Speaking on its increasing presence in the region, Mr. Thomas John Muthoot, Chairman Muthoot Pappachan Group of companies said, “The Company wants to be as close to its customers as possible and wants to ensure complete customer convenience and delight. We felt the need to strengthen our base and increase the depth in southindia, because of its growing potential and hence expansion is an obvious choice.”
With the launch of the Zonal Office, Muthoot Fincorp Ltd’s presence will be further strengthened strategically. Tamil Nadu has currently 328 branch locations. Nationally Muthoot Fincorp Ltd Insurance covers over 1223 cities and towns through its offices, and has over 12 lakh satisfied customers.
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Successful show by MPG Sthreejyoti entrepreneurs on Women’s Day.
Bengaluru, Trivandrum, Cochin, Chennai, Coimbatore, Women’s Day 8th March:
Muthoot Pappachan Group’s Sthreejyoti, the grassroot level women entrepreneur development programme in partnership with ACCION, held a unique exhibition and sale of products in four key cities in South India on Women’s Day. The event showcased products developed and manufactured by women entrepreneurs who were trained in management skills and supported by MPG. Sthreejyoti was launched in early 2010, and has quickly spread its activity throughout South India. Over 7,400 aspiring women entrepreneurs have been so far trained, touched and promoted by the activities. The programme also provides financial assistance in the form of Muthoot Mahila Mitra loans to the women entrepreneurs. MPG Sthreejyoti assists these women throughout the life of the product and entrepreneur in terms of marketing support, financial assistance and financial education and savings in the form of the Swarnvarsham gold ownership scheme. The Sthreejyoti programme is conceptualized and mentored by Thomas Muthoot, Executive Director of MPG.
Bengaluru
It was a treat so see women smiling when chief guest Chenraj R. Jain, Chairman, Jain Group of Institutions, called all the women entrepreneurs present to light the lamp, breaking protocol. Mr. Jain’s personal interaction with the Sthreejyoti entrepreneurs set the pace for a successful event. The Sthreejyoti entrepreneur team transacted sales to the tune of Rs.90,000 from handicrafts, ready-to-eat food products, condiments, ready-to-mix powders, garments and jewellery.
Thanks to the efforts of Dr. Usha Gopinath of ACCION, the Jain Group of Institutions graciously provided space and facilities for the event organized by MPG Sthreejyoti. Yashasvini Ramaswamy, recipient of the award for 'emerging future world leader' by GIFT, an initiative supported by the Clinton Global initiative, was the guest speaker. Ms. Yashasvini is a renowned world expert in development projects.
Trivandrum
In Trivandrum, Chief General Manager of NABARD, K. C. Shashidhar and Chairman & Managing Director of MPG, Thomas John Muthoot, inaugurated the programme. Thirty six women entrepreneurs exhibited their products. The exhibition was arranged at Muthoot Fincorp’s new, state-of-the-art Kesavadasapuram Branch. Due to the prominent location of the branch the event captured public attention, with many walking into the stalls, as a result of which there was brisk sales.
The exhibition continued well past the closing time of 7pm. Around 70% of the products displayed by the women entrepreneurs were snapped up by the public halfway through the exhibition.
Cochin
The Cochin chapter of the Women’s Day exhibition and sale received tremendous support from both Sthreejyoti entrepreneurs and the public. Sadaf Sayeed, COO of Microfinance at MPG launched the event. 40 percent of MPG Sthreejyoti entrepreneur products were sold out by noon during the event. The Muthoot Mahila Mitra and Sthreejyoti teams planned and ensured a well-oiled machinery for the Sthreejyoti entrepreneurs. Several walk-in members of the public were present at the exhibition and sale throughout the day.
Chennai
The Chennai exhibition and sale was inaugurated by Mary L., Ward Councilor of the Chennai Corporation. A women’s development activist in her own right, the Sthreejyoti entrepreneurs were encouraged by her presence. Twenty three women entrepreneurs exhibited their products. More than 150 MMM team visited the stall. The MLA of the constituency, Ranganathan B. was present for the valedictory function.
Coimbatore
The PSG College was the venue of the Women's Day exhibition and sale conducted by MPG for its Sthreejyoti entrepreneurs. A total of 96 women entrepreneurs participated in the activity with the support of 40 Muthoot Mahila Mitra personnel and 60 volunteers of PSG College. Chandra Sekharan, Internal Coordinator, Department of Textile Technology, PSG College, inaugurated the event. Due to the success of the Women’s Day programme, another major exhibition cum sale of products developed and manufactured by Sthreejyoti entrepreneurs is proposed to be conducted at the PSG campus by end of March 2011.
Summarising the Women’s Day activities for MPG Sthreejyoti entrepreneurs, George Muthoot, Director, Muthoot Pappachan Group said: “MPG is passionate about building the latent creativity, capability and entrepreneurial spirit of India’s women at the grassroots. Thomas Muthoot, Executive Director and Sthreejyoti Mentor, adds: "Women are our future, as proven by successful ones at the highest levels in today’s corporate world. Women at the bottom of the pyramid need to be given the opportunity too. Here is where the MPG Sthreejyoti programme is delivering exhilarating results."
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Your Gold in 2011.
Mint
07 January 2011
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Muthoot Fincorp introduces Priority Circle.
Kerala pilot market with 17 upgraded branches offering enhanced services and benefits.
20 December 2010
Muthoot Fincorp, flagship financial services company of the Muthoot Pappachan Group, relaunched today, 17 branches upgraded to Priority Circle status in Southern and Central Kerala.
The branches sport the Priority Circle signage in addition to existing signage.
Priority Circle branches offer customers dedicated relationship managers who ensure personal attention and advice on financial matters. The branches sport a next-generation ambience
with facilities such as aesthetic seating, private meeting rooms and quick service.
“We plan to further enhance facilities at Priority Circle branches by adding an NRI assistance cell, real estate services and a priority card that will offer privileged pricing and preferential
service at over 1,000 branches pan India,” says Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group. “Priority cardholders will also receive discounts and
privileges at Muthoot Pappachan Group’s Hospitality and Automotive Divisions which are currently expanding rapidly,” adds Mr. Muthoot.
Priority Circle Branches
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THIRUVANANTHAPURAM |
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MAVELIKARA |
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ULLOOR |
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KOLLAM |
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Muthoot Pappachan Group to set up housing finance arm
Vinson Kurian, Hindu Businessline
Thiruvananthapuram, Dec. 12, 2010
The diversified Kerala-based Muthoot Pappachan Group (MPG) is awaiting registration for an exclusive housing finance division that will dabble in micro-mortgages. According to industry researcher and tracker Monitor Inclusive Markets (MIM), micro-mortgages are the next big opportunity after microfinance in the vast and unbanked low-income households (LIHs) in the country. Click here to read the full report online.
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Muthoot Pappachan Group to buy MFI, eyes stake in others
Hindu Businessline
Click here to read the report online.
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Kanaka Mudra special edition gold coin launched...
K Jayakumar IAS, Additional Chief Secretary, releases coin.
17th November, 2010:
Mr. K Jayakumar IAS, Additional Chief Secretary, Home and Vigilance and Chief Commissioner of the Travancore Devaswom Board, officially launched the freshly minted Kanaka Mudra coin at a function held at the Muthoot Plaza Hotel in Thiruvananthapuram yesterday.
The first coin released was received by Mr. Thomas John Muthoot, Chairman and Managing Director of the Muthoot Pappachan Group, from Mr. Jayakumar. The 99.9% pure gold coin, minted with the figure of Lord Ayyappa on one side, is available in one, two, four, eight, 10 and 20 gram denominations. “We are delighted to be able to offer this finely crafted gold coin to devotees of Lord Ayyappa throughout India. It will be available at specially constructed Muthoot Fincorp roadside stalls on the route of the Sabarimala pilgrimage this year,” said Mr. Thomas John Muthoot.
Sabarimala pilgrims will receive instant delivery of one and two gram coins at the stalls. Advance booking will also be accepted at the stalls by paying 20% and the balance amount in installments at Muthoot Fincorp branches. The Kanaka Mudra coins will also be available at Muthoot Fincorp branches throughout India.
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Muthoot Mahila Mitra loan portfolio touches 10,000 women micro entrepreneurs.
Muthoot Pappachan Group has reached out to the lives of 10,000 women micro entrepreneurs through the Muthoot Mahila Mitra programme. The successful journey of Muthoot Mahila Mitra started on 23rd April 2010 with a loan disbursement at MGR Nagar branch, Chennai.
On 15th September 2010, the number of women entrepreneurs touched the figure of 10,000 by expanding the branch network to seven. Muthoot Mahila Mitra is currently present in Kerala, Tamil Nadu, Karnataka and Andhra Pradesh. Many more milestones are expected in the near future.
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The impact of microfinance on women and cconomic development
Click here to see - A Client Study by Women's World Banking
(MUTHOOT FINCORP FEATURED)
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Taj Green Cove Resort joins Sthreejyoti/ACCION in drive to train women
entrepreneurs.
8th September, 2010
The women's empowerment programme Sthreejyoti/ACCION initiated by Muthoot Pappachan Group is overwhelmed by yet another tie-up with Taj Green Cove Resort to train women in the Pananthura community, in Trivandrum, Kerala.
The activity with Taj Cove Resort this morning at Pananthura was kick started in the presence of the Taj team headed by General Manager Surinder Singh. The Taj team organized the infrastructure and logistics for women to be there on time, at short notice. The endeavor towards this training initiative to empower women in such communities go a long way to establish entrepreneurial skills.
Sthreejyoti/ACCION offers proven training at grassroots level through follow-ups and linkages, crossing training of 1,650 women entrepreneurs as of 20th August 2010. The grassroots programme started functioning in the states of Kerala, Karnataka and Tamil Nadu in February 2010.
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Muthoot Mahila Mitra woman entrepreneur featured on US Government site and on cover of Women’s World Banking report.
Girija, a micro entrepreneur in Kerala, to whom Muthoot Fincorp’s Muthoot Mahila Mitra advanced two working capital loans has featured on the US Government website, thanks to Women’s World Banking. She was also on the cover of the May 2010 Women’s World Banking Director’s Report.
In a society with a very low divorce rate, Girija separated from her husband four years ago and became the sole parent to her 11-year old son. Although she completed high school, she had only one hard skill: tailoring. She worked in a tailor shop while married and saved enough to buy a sewing machine. After her divorce she took a stitching course, and with initial capital provided by her father, opened her own shop. The business stumbled along but Girija was unable to grow it: she did not qualify for a bank loan because she had no collateral. Then, 18 months ago, Muthoot Fincorp, a partner of WWB and South India’s leading non-banking financial company, came calling with the offer of a working capital loan. With Rs. 25,000 (approximately USD $500) in her pocket, Girija went to the nearby city of Bangalore to buy fabric. This allowed her to offer her customers one-stop shopping, the ability to buy the fabric and get it stitched at the same place, while doubling her opportunities to generate income.
Girija now owns a second sewing machine, hired a full-time employee and received a second loan of Rs. 25,000 from Muthoot (having successfully paid off the first). Her net profit is Rs. 6,000 per month, in a country where the median family income is approximately Rs. 4,500 a month. More importantly, she is able to afford a private school for her son. She is currently saving for her dream textile shop.
Courtesy: Women’s World Banking
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Muthoot Pappachan Group’s Sthreejyoti women’s empowerment initiative yields more results
Surrounded by lush green forests, the Amritam baby food production house provides employment to 11 women entrepreneurs.
This project is a wonderful example of how the government has played a crucial role in helping women establish themselves in business.
A few years ago a successful government scheme brought together 20 women, gave them training in how to make baby food and built them a modern factory to enable them to produce over 500kg of baby food each day. They also ensured that the product would have a guaranteed market by providing local schools with the product on a daily basis.
In the last couple of years the women have taken over the business and now pay rent for the premises. The team has now reduced to 11 women and they work together exceptionally well.
Despite their official working hours being 10am to 5pm, they all tend to work longer to get the job done and focus on increasing sales and profitability. This has all been possible with the support of their families.
Participating in Muthoot Pappachan Group’s Sthreejyoti programme in cooperation with ACCION International’s Dialog on Business training, has enabled them to formulate ambitious plans to extend their product range. They have already established that if they improve the quality of their food they will be able to sell it for Rs.120 per bag in the market rather than solely relying on the local schools where they sell the current product at Rs.40 per bag. They would also like to start producing rice powder as well as set up a tailoring business, for which they have already identified a possible location.
Before this project these women were quite timid and admit to not having had much business sense. Out of the 11 women who continue to be involved in the business seven have now learned to drive and have been able to purchase scooters to enable them to commute to work easily.
They are very proud of this!
The training also taught these enterprising women more about how to deal with suppliers and customers and improve their market linkages. This is an area that they would now like further training on in order for them to understand how to test the market to determine the feasibility of their new products.
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Muthoot Fincorp receives Crisil P1+ rating
Mumbai, 3rd July.
Part of the 20,000 Crore Muthoot Pappachan Group, Muthoot Fincorp Ltd., has been elevated by Crisil to 'P1+' rating in the short term loans segment, the highest rating that can be achieved to Crisil’s standards. The Crisil northward indicator strengthens positively the business risk profile of Muthoot Fincorp.
Muthoot Fincorp’s other outstanding debt programmes and bank facilities have been upgraded by Crisil to 'A+' with Stable Outlook.
"The ratings reflect Muthoot Fincorp’s substantial experience in financing against gold, innovative additions to the loan portfolio, robust asset quality, and excellent earnings profile over the most difficult periods during bthe recent recession, said Mr. Thomas John Muthoot, Chairman and Managing Director of the Muthoot Pappachan Group.
The Muthoot Pappachan Group's core businesses are financing against gold, small and medium credit to business people and insurance. The group's promoters have been in the finance business since 1939, which has helped the group to design efficient credit appraisal and approval systems and processes. The group enjoys a strong reputation in Southern India. Since 2008, Muthoot Fincorp has been expanding its presence in Central, Western and Northern India.
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Another innovative loan offering from Muthoot Pappachan Group
Gold loan repayable in installments
The 20,000 crore Muthoot Pappachan Group recently introduced a new loan product that is being launched Nationwide. Aimed at people who seek installment repayments and efficient disbursement at the maximum possible valuation of their gold, the new Smart Plus Gold Loan is the first of its kind in India.
Part of the portfolio of Muthoot Pappachan Group company, Muthoot Fincorp, the new product offers up to ninety percent of the gold value as loan. The tenure of the loans is from 6 to 36 months. The customer may redeem the gold in parts without having to wait until the full loan is settled and repayments can be made at any one of 1000 branches of Muthoot Fincorp across the Nation.
“Combined with our 3-minute loan service, this installment plan product will be a boon to those in need of finance quickly; they just walk in with an acceptable identity card like an Election Card and, walk out with the loan in minutes” says Mr. Thomas George Muthoot, Director, Muthoot Pappachan Group.
“Smart Plus Gold Loan was developed after valuable suggestions from our customers,” adds Mr. Thomas Muthoot, Executive Director in charge of Strategic Initiatives at Muthoot Pappachan Group. “We listen carefully to the needs of the people and, as a result, we are at the forefront in the knowledge of finance at the very grassroots level.”
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Muthoot Fincorp achieves RBI-approved Money Changer Status.
Muthoot Fincorp is now an RBI-approved Authorised Money Changer (AMC). The elevated status enables Fincorp’s Forex Division to offer a wider scope of services and products without third party involvement. The range of services includes drawing instrument and remittance facilities through Fincorp’s own arrangements with offshore Banks. Customers can expect a quick, efficient overseas remittance service for such purposes as medical treatment, private visits, business travel, fee for conference and event participation, film shoots, disbursement of crew wages, education fees, emigration fees, visa fees and DDs in Saudi Riyals for Haj pilgrims.
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22 new branches of Muthoot Fincorp to open from 17th June to 30th June, 2010.
That’s almost two branches a day. The new branches are in the states of Goa, Punjab, Maharashtra, Kerala, Karnataka and Tamil Nadu. Customers can locate the branches closest to them by
using the Branch Locator in the Muthoot Fincorp and Muthoot Corporate websites. Addresses and contact details of new branches will be updated as they open for business.
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45 New Fincorp Branches within the next four weeks.
As part of Muthoot Fincorp’s drive to be closer to the customer throughout India, 45 new branches will be opened from 26th April to 27th May 2010.
That’s more than one branch a day. The new branches will be in Delhi, Haryana, Kerala, Karnataka and Tamil Nadu. Customers are requested to use
the Branch Locator button on home page of the Muthoot Fincorp and Muthoot websites to locate branches. New branch addresses and contact
details will be updated as the branches open for business.
Several other new branches are being planned for the convenience of Muthoot Fincorp customers. Announcements will follow.
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Muthoot Pappachan Group Launches
Sthreejyoti a training program for women entrepreneurs
Our Bureau
Thiruvananthapuram
Muthoot Pappachan Group offers a unique programme “Sthreejyoti,” which is a set of award-winning modules focussing on building the business skills of women micro entrepreneurs. It is an educational model oriented to potential as well as established entrepreneurs.
Going strong with its core business of Gold Loan, the Group has ventured into providing micro finance (cash flow based Business Loan) in the year 2008 The number of borrowers under “Muthoot Business Loan ” portfolio has now grown to 7400 more than 25% of whom are women entrepreneurs.
“Sthreejyoti programme builds on the existing knowledge of entrepreneurs and offers them an integral development vision, further beyond simple administration of their business. The training program is extensive, participatory and reality based, using a lot of interactive games and role-plays to solve real- life business challenges and thus the program is engaging for people with little formal education who may not learn effectively in a traditional classroom setting” says Thomas Muthoot, Executive Director Muthoot Fincorp.
The courses offered are Self Management for Women, Leadership, The Entrepreneur and the Management, The Feasibility of My Business, From the Idea to the Business, Communication and Promotion, Cash Management, Savings and Investment and Debt. Each course lasts an average of 5 hours and is adapted to entrepreneur’s time and availability and the courses include an immediate action plan for entrepreneurs of what they have learnt. The program has standardized quality: all facilitators and entrepreneurs are certified by ACCION.
ACCION International, a private non-profit Organization with a mission of giving people the financial tools they need to work their way out of poverty. To date, ACCION has trained more than 700,000 micro entrepreneurs, 60 percent of whom are women.
The program offers a whole lot of benefits for Muthoot Fincorp by offering their clients credit plus services, loyalty building, lower client attrition rate, also offering new products and services to clients as they grow in businesses. Sthreejyoti program training is done by certified ACCION Master Facilitators; ACCION conducts periodical impact evaluation to measure the success of the program, enabling entrepreneurs to increase competitiveness in the market to generate more income and improve their economic and living conditions.
The Muthoot – Accion joint initiative will train 20000 women entrepreneurs in the next one year says Thomas Muthoot, Executive Director. Muthoot Fincorp. In his interaction with the media during the inaugural ceremony of this new initiative. |
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Australian High Commissioner's Visit
The High Commissioner of Australia to India H E Peter Varghese called on Mr. John Muthoot, Chairman of MUTHOOT PAPPACHAN GROUP on March 11th, at the Corporate Office, Thiruvananthapuram. He was accompanied by Mr. Aminur Rahman, Australian Consul-General for South India and Mr. Mark Ryan, First Secretary – Australian High Commission.
The High Commissioner and his Team were received by Mr. George Muthoot, Director of MUTHOOT PAPPACHAN GROUP.
The meeting provided a platform for discussing investment opportunities in collaboration with the Group in Education,Vocational Training, Tourism, Sports, and other areas of mutual interest.
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