The Muthoot Group, known mainly as a gold finance company, is aiming to increase its share in the forex market in the state
Buoyed by the response from inward remittances, especially from Punjab, Muthoot Money Transfer, one of the main business divisions of the Muthoot Group, is planning to further strengthen its presence across the state, and undertake new marketing campaigns to increase its market share.
Started operations a year ago in the state, currently inward remittances to the tune of Rs 25 crore is being transacted through the company’s network and it has plans to increase it to Rs 100 crore per month in due course of time.
Speaking to Business Standard, Muthoot Group, AGM-Marketing, Avinav Chaubey said, “We started operations in the state a year ago. Currently, we are operating in Punjab through 200 outlets and has plans to increase our network to have bigger share of the market. Besides, we are undertaking aggressive marketing campaign to increase our share. To give a 360 degree angle to the campaign, we have adopted both ATL and BTL approach as we believe that this step will aid us in two ways – firstly it will make us reach a larger and wider number of audiences which will create awareness that we are not only the largest gold loan provider but also have other products/a large Money Transfer business. Secondly, the wide network of Muthoot Finance branches will provide easy accessibility for the customers, thereby, increasing our market share in Punjab."
It is worth mentioning that with Rs 1,400 crore monthly (on an average) inward remittances and with an average ticket size of Rs 35,000-Rs 40,000 through legalised channel, Punjab is probably one of the biggest market for forex dealers which is further growing at the rate of over 10 per cent.
The data clearly suggests how important remittances play in the economy of Punjab and further NRIs commitment towards their near and dear ones.
Interacting with the media Jose Allesh, Chief Manager, Muthoot Money Transfer said, "This year, we are seeing a 10-13 percent growth in the industry and aim to double our money transfer business transactions to Rs 7000 crores across India in value term by the end of this fiscal through an aggressive marketing campaign."
It is worth noting that Punjab has significant number of NRIs settled abroad who are doing extremely well. Visualizing the potential, the forex dealers are further expanding their base in presence in hinterland and appointing their franchise.
Earlier, UAE Exchange, Country Head-India, V George Antony said mentioned that out of the total 8000 branches, about 2000 agents are in Punjab. He added, " We are planning to take the total number to 5000 agents in Punjab very soon. Punjab."He added that Punjab is one of the promising state for inward remittances business as it ranks number four in terms of volume of inward remittances. He further added that the company will appoint housewives to act as agent for remittances in the state.
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