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Muthoot Microfin
Indian loan company From Wikipedia, the free encyclopedia
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Muthoot Microfin Limited[5] is an Indian microfinance institution (MFI), headquartered in Kochi. It primarily provides unsecured microloans to women in rural areas.[6] It is a part of Muthoot Pappachan Group.[7][8][9][10]
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History
The microfinance business was originally established as a division of Muthoot Fincorp Limited in 2010.[11][12] In December 2011, the Muthoot Pappachan Group acquired Pancharatna Securities Ltd, a non-banking financial company (NBFC) based in Mumbai, and subsequently rebranded it as Muthoot Microfin Limited (MML).[13][14][15]
In March 2015, Muthoot Microfin Limited (MML) obtained a microfinance institution (MFI) license as a non-banking financial company (NBFC-MFI) from the Reserve Bank of India.[13][16][17]
In 2021, Muthoot Microfin Ltd launched Mahila Mitra app to help rural women beneficiaries with repayment.[18][19]
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Operations
Muthoot Microfin operates in 18 states with 1,172 branches and over 10,000 employees.[20][21] As of March 31, 2023, Muthoot Microfin has a portfolio size of ₹9,200 crore with a borrower base of 2.7 million women entrepreneurs.[22][23]
Ownership
Muthoot Microfin is predominantly owned by Muthoot Fincorp and the Muthoot family, who collectively possess a controlling stake of 71% in the company. In addition, London-based private equity firm GPC (Greater Pacific Capital) holds an ownership interest of 16.6%,[24][25] [26] while Chicago-based private equity fund Creation Investments Capital Management holds 9.3%.[27][28]
References
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