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Muthoot Microfin expects 50 per cent of its collections to come digitally by Sep

The Kerala-based lender from the Muthoot Pappachen Group, collected as much as ₹1,000 crore or 34 per cent of its entire collection digitally as of March, which was only ₹168.30 crore in the previous fiscal. Its monthly collections average at ₹550 crore now. ....

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Muthoot Microfin Expects 25-30% Growth In Loan Disbursals This Fiscal

In the pandemic-hit FY22, its loan book stood at Rs 6,300 crore from which it had earned Rs 79 crore of net income, chief executive Sadaf Sayeed told PTI. ....

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NBFCs auction record volume of pawned gold, warn of crisis for banks in Q2

Gold loan-focused non-banks like Manappuram Finance have auctioned a record 1 tonne, worth Rs 404 crore, of the pawned gold in the last quarter of 2020-21, indicating deepening distress among the public due to the pandemic and have warned that banks are headed to an NPA crisis from September quarter when gold loans with one-year tenure mature.
During the first wave of the pandemic, among the many measures the Reserve Bank announced to alleviate the financial distress of the public, one was to allow banks to offer 90 per cent of the value of gold in loans. This helped millions of households, as it came amidst a massive spike in gold prices, which had crossed Rs 5,600/gram in the peak of the pandemic last year. ....

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NBFCs auction record volume of pawned gold, warn of bigger crisis for banks from Q2

NBFCs auction record volume of pawned gold, warn of bigger crisis for banks from Q2
pexels
Gold loan-focused non-banks like Manappuram Finance have auctioned a record 1 tonne, worth Rs 404 crore, of the pawned gold in the last quarter of 2020-21, indicating deepening distress among the public due to the pandemic and have warned that banks are headed to an NPA crisis from September quarter when gold loans with one-year tenure mature.
During the first wave of the pandemic, among the many measures the Reserve Bank announced to alleviate the financial distress of the public, one was to allow banks to offer 90 per cent of the value of gold in loans. This helped millions of households, as it came amidst a massive spike in gold prices, which had crossed Rs 5,600/gram in the peak of the pandemic last year. ....

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Muthoot Finance: Muthoot group chairman dies in tragic fall: Who was MG George, God's own country's richest man?

In 1979, he became the group s managing director, and by February 1993, had become the group s chairman. In doing so, he became the third generation of his family to head the Muthoot Group after his grandfather and his father.
A split in the Muthoot family in the 1980s saw the family s empire divided between his cousin brothers and himself which, eventually, led to the creation of Muthoot Pappachen Group, another diversified entity that ran a rival gold loan enterprise Muthoot Fincorp.
But under his leadership, Muthoot Finance turned into one of India s leading gold loan non-banking financial companies becoming the first-ever NBFC to break the Rs 1,000 crore net profit ceiling. ....

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