Muthoot Microfin

Muthoot Microfin Limited, the microfinance arm of Muthoot Pappachan Group, is an Indian microfinance institution (NBFC-MFI), focused on providing micro-loans to women entrepreneurs with a focus on rural regions of India.[1][2][3][4]

Muthoot Microfin Ltd
TypeNBFC-MFI
IndustryMicrofinance
HeadquartersMumbai, India
ParentMuthoot Pappachan Group
Websitehttps://muthootmicrofin.com/

History

Muthoot Pappachan Group acquired the NBFC “Panchratna Securities Limited” and the name was changed to “Muthoot Microfin Limited” pursuant to a resolution passed by the Shareholders of our Company at the EGM held on October 29, 2012.[5] A fresh certificate of incorporation, consequent upon change of name was granted to the company by the RoC on November 06, 2012. Subsequently, Mithoot Microfin Limited was granted NBFC-Microfinance Institution (“NBFC-MFI”) status by the RBI with effect from March 25, 2015.[5][6]

Microfinance operations

Its microfinance operations are designed to promote entrepreneurship among women and inclusive growth by providing financial assistance through micro loans such as income generating loans to women engaged in small businesses.[7][3] Delivering financial services to masses including underprivileged and disadvantaged people, living in the rural sectors of the Indian society at affordable terms, in quick turnaround time and with hassle-free processing is the aim of our financial inclusion drive.[8][9]

Mahila mitra app

In 2021, Muthoot Microfin Ltd launched Mahila Mitra app to help rural women beneficiaries with ease of repayment.[10] Within two months, the app registered 7.66 lakh downloads and nearly Rs 25 crore in repayments.[10] The app is available in vernacular languages and support different payment modes such as BBPS, Netbanking, Debit Card and UPI.

References
  1. "Home - Muthoot Microfin". Retrieved 2022-04-19.
  2. "Muthoot Microfin gets $50 million equity funding from GPC". The Hindu. Special Correspondent. 2021-12-06. ISSN 0971-751X. Retrieved 2022-04-19.{{cite news}}: CS1 maint: others (link)
  3. Bhatla, Prabhjeet. "Muthoot Microfin Raises INR 75 Cr Via Market-Linked Debentures". Entrepreneur. Retrieved 2022-04-19.
  4. Livemint (2021-07-15). "Muthoot Microfin raises Rs75 crore via market-linked debentures". livemint. Retrieved 2022-04-19.
  5. "MUTHOOT MICROFIN LIMITED" (PDF). Securities and Exchange Board of India. Retrieved 14 April 2022.
  6. Rebello, Joel. "Muthoot Microfin looking at listing in March". The Economic Times. Retrieved 2022-04-19.
  7. "Our aim is to provide financial support to disadvantaged women: Sadaf Sayeed, Muthoot Microfin". Financialexpress. Retrieved 2022-04-14.
  8. "Muthoot Microfin added 37% more employees in pandemic period, disburses Rs 2,700 cr loan in FY21". The Economic Times. Retrieved 2022-04-14.
  9. "Muthoot Microfin raises $20 mn from US-based PE firm Creation Investments". VCCircle. Retrieved 19 April 2022.
  10. Shantanu, Shashank (2021-08-25). "How this microfinance firm is empowering women entrepreneurs in rural India with an app". www.indiatvnews.com. Retrieved 2022-04-14.
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