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- Aims to set-up 9000 ATMs in the next three years throughout India;
- 65% ATMs to be in semi-urban and rural areas
- First 100 ATMs to be set up in the month of March
- Federal Bank is the sponsor Bank for this venture
- FIS Payment Solutions & Services India is the Technical Partner

Kochi, March 6th 2014: In a landmark development, Muthoot Finance Ltd, India’s largest gold financing company and the flagship company of the Muthoot Group, today launched its first Muthoot ATM at Hotel Le Meridian in Maradu Kochi.

The Muthoot ATM was inaugurated by Hon’ble Former Governor of Kerala Shri. Nikhil Kumar in the presence of Shri. M G George Muthoot Chairman, Muthoot Group and Shri. George Alexander Muthoot Managing Director, Muthoot Finance Ltd.

The other dignitaries present during this occasion included Shri. Ram Sundaresan – Head (National Financial Switch) National Payments Corporation of India, Smt. Radha Rama Dorai, Head – ATM Operations, FIS Payment Solutions & Services India, Shri. C J George – Managing Director Geojit BNP Paribas, Shri. Venugopal C Govind – Partner Varma & Varma Chartered Accountants, Directors of Muthoot Finance and other senior company officials.

Shri. M G George Muthoot, Chairman, Muthoot Finance Ltd said, “With the launch of our first WLA, we have made an entry into the formal ATM network. We are thrilled that we would now be able to further empower our rural customers with ATM services. With our network of over 4400 branches in 21 states & 4 union territories of India, we will strategically set up WLAs in semi-urban and rural areas – mainly in tier III and tier VI cities and will consider it part of our financial inclusion efforts and service to our customers.”

Shri. George Alexander Muthoot, Managing Director, Muthoot Finance Ltd said, “Foray in to White Label ATMs is indeed a big step for Muthoot Finance and it only reiterates our commitment towards making finance easily accessible in the rural hinterland. We have gone an extra mile by challenging ourselves to set up 9000 WLAs within three years with first 100 ATMs in the month of March itself.”

A White Label ATM is similar to a normal Bank ATM with facilities of cash withdrawal & balance enquiry and does have any charges of its own.

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. A customer support system backed by 24X7 Video Interactive Facility and TV screen with information for customer education will also be provided at the ATM sites.

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.

Earlier in June 2012, the Reserve Bank of India had issued policy guidelines permitting non-bank entities to set up and operate WLAs in the country after seeking Authorisation under the Payment and Settlement Systems Act, 2007. Previously, only banks were permitted to set up and operate ATMs in India. In January, 2014, Muthoot Finance Ltd. received the authorisation from the Reserve Bank of India (RBI) to set up WLAs in the country.

About Muthoot Finance Ltd:
Muthoot Finance Limited is the largest gold financing company in India in terms of loan portfolio. The company is a “Systemically Important Non-deposit taking NBFC” headquartered in the southern Indian state of Kerala and with its corporate office in New Delhi.

Operating history of Muthoot Finance has evolved over a period of 75 years since M George Muthoot (the father of our Promoters) founded a gold loan business in 1939 under

the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887.

The company provides personal loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.

Company is listed on both National Stock Exchange of India and Bombay Stock Exchange.

For More Information Please Contact:

Babu John Malayil,

Muthoot Finance Ltd,

Email:babujohn@muthootgroup.com

Contact: 0484- 2396478

Kaustubh GhotikarAdfactors Public Relations Pvt LtdEmail:kaustubh.ghotikar@adfactorspr.com

 

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