Muthoot FinCorp Welcomes RBI Directive for Licensing of Payments, Small Banks

Kochi: Muthoot FinCorp Ltd, the flagship company of the Muthoot Pappachan Group, on Thursday welcomed the Reserve Bank of India’s draft guidelines for licensing of payments and small banks.

“We see the RBI guidelines as a very positive move towards introducing basic banking facilities to the unbanked population in India,” Muthoot FinCorp chairman and managing director Thomas John Muthoot said.

With the company’s 3,831 branches across country, Muthoot FinCorp is already reaching out to customers from various segments, including the informal and unbanked, he said, adding that it has the requisite structure to offer banking service to customers.

“However, we are in the process of evaluating the impact of possible transformation into a bank and would arrive at a decision after a formal internal review,” Mr Muthoot said in a statement.

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