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Muthoot Finance hopeful of more operational ease under new RBI norms
Muthoot Finance, India’s largest gold loan focused NBFC company by virtue of its classification as an Upper Layer NBFC, expects to attain more operational flexibility under the revised scale based regulatory framework of RBI.
Kochi: Muthoot Finance, India's largest gold loan focused NBFC company by virtue of its classification as an Upper Layer NBFC, expects to attain more operational flexibility under the revised scale based regulatory framework of RBI.
In the recent list announced by the RBI, Muthoot Finance was included among the 16 Upper Layer NBFCs by RBI under scale based Regulatory Framework for NBFCs to elevate its status in line with several other public sector NBFCs. Through this classification, the company has become the only Kerala based NBFC to enter the Upper Layer classification by the RBI.
The government and the RBI has also permitted Muthoot Finance along with 42 other entities to perform authentication under the Aadhaar Act. This further reflects the trust bestowed on Muthoot Finance by the regulatory authorities. This will enable faster biometric KYC for our customers. Once the customer arrives at any of our 4,500+ branches, the customer can complete KYC process through biometric Aadhaar based authentication.
George M George, deputy managing director, Muthoot Finance, said, "The inclusion in the Upper Layer list by the RBI is expected to be a huge value recognition for the company and our stakeholders. We consider that this acknowledgement will enable us to positively contribute to the economic growth of the nation. We are expecting the classification to bring operational flexibility. We are further optimistic to leverage the massive opportunity in the gold loan industry."
Speaking on digitisation drive, KR Bijimon, executive director and COO, Muthoot Finance said, "We are happy to observe that there is commendable growth in the number of digital transactions. We have always tried to leverage and adopt best practices in digital technology keeping the customer interest at the forefront. We have set up a strategic IT division named Emsyne, which engages in developing and deploying new trends in digital technology. We have seen the pandemic forcing us to make rapid strides in technology, and we had anticipated the disruption that digitisation would bring in our consumer preferences, and the banking sector in particular. As such, the company has managed to transfer 40 per cent of its gold loan transactions to online and we will continue to further strengthen our digital strategy."
