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Chennai, 19th May, 2014: Muthoot Finance Ltd, India’s largest gold financing company and the flagship company of the Muthoot Group, today launched its 29th Muthoot ATM at Chennai.            

The Muthoot ATM was inaugurated by Mr. K. Deepak Kumar, Inspector of Police, Crime Department in the presence of Mr George M Jacob, Director, Muthoot Group, at Muthoot Finance Perambur branch, Chennai.

Inaugurating the Muthoot ATM Mr George M Jacob, Director, Muthoot Group said, “Being the industry leader, Muthoot Finance will drive on its existing strengths, including a strong presence in under-served rural and semi-urban markets for setting up WLAs in various geographical locations across the nation.  With this launch we have gone an extra mile by challenging ourselves to set up 9000 WLAs within three years with our aim to launch 100 ATMs in this quarter”.

Muthoot Finance would see about 1000 WLAs set up in the first year itself, followed by 2000 in the second year and a significant ramp up by about 6000 WLAs in the third year.

Muthoot Finance has partnered with FIS Payment Solutions & Services India, one the world’s largest global provider dedicated to banking & payment technologies, which will act as the Technical Partner for the project and Federal Bank Ltd which is the sponsor Bank for this venture.

Apart from basic ATM service of Cash withdrawal & Balance enquiry, Account to Account transfer, Prepaid card Top up etc, Muthoot ATMs would also offer value added services to the customers. The company plans to introduce loyalty programs for the customers who will be using its ATMs. To ensure better service to Muthoot ATM users, the company plans to set up exclusive counters at selected centres with ATM facility along with other services of the company such as Money Transfer, Foreign Exchange, Air Ticketing, Bill Payments etc.