Muthoot Fincorp welcomes RBI directive

Tags: Companies
Muthoot Fincorp Ltd, the flagship company of the Muthoot Pappachan Group, today welcomed RBI's draft guidelines for licensing of payments and small banks.

Thomas John Muthoot, Chairman and Managing Director, Muthoot Fincorp, said, "We see the RBI guidelines as a very positive move towards introducing basic banking facilities to the unbanked population in India".

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 it has the requisite structure to offer banking service to the customer.

"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," he said in a statement.

EDITORIAL OF THE DAY

  • We need a plan to manage the world’s largest population

    Is demographic dividend going to be a nightmare for India?

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Freedom Files : Creating a communal cleave

The Nawab of Bhopal Sir Hafiz Hamidullah Khan, saboteur ...

Susan Visvanathan

Landed in trouble

The British always required get away places. Shimla is the ...

Zehra Naqvi

Mindful meditation in everyday life

Amid the vast multitude of tasks and huge amounts of ...