Kochi-based gold loan company Muthoot Finance applied for the new banking licence on Monday, July 1, the last date of application as stipulated by the Reserve Bank of India (RBI). Till the last week, there were 16 companies which had applied. On the last day, more companies are expected to submit their applications.
"The application for a banking license is indeed a major milestone for the Muthoot Group. With our last mile connect in to the rural hinterland, a banking license will enable us to play a larger role of financial inclusion by taking these services to the unbanked and underserved population of the country," George Alexander Muthoot, MD, Muthoot Finance said in a statement.
The application is in accordance with the guidelines issued by RBI for licensing of new banks in the private sector dated February 22, 2013. The decision was taken in the meeting of board of directors of the company held on June 30, 2013.
Muthoot Finance has a branch network of 4200 spread across 21 states and 4 union territories. Around 60% of this branch network is spread across tier II, tier III and tier IV cities. Muthoot Finance has also recently received in-principle approval from RBI to set up White Label ATMs.
Since last one year, Muthoot shares tanked more than 24 percent as against nearly 65 percent drop in Manappuram Finance, its business rival.
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