Muthoot to open 21 branches in Vizag region

Kerala-based Muthoot Finance, which is into financial services business, plans to open 21 branches in the Visakhapatnam region by March end. The region comprises Srikakulam, Vizianagaram, Visakhapatnam and East Godavari districts.

“Of this, 11 will come up in Visakhapatnam district, four each in Vizianagaram and East Godavari district and two in Srikakulam,” E Venkateswarlu, regional manager - Muthoot Finance, told Business Standard.

With this, the company will have about 41 branches in the Vizag region by March 2010.

This apart, Muthoot Finance plans to add 10 more branches during the next financial year in the region, he added. “Our main business in this region is to give loans by mortgaging gold,” he said. The company offers loans at 12 per cent interest on gold.

As of March 2009, its advances stood at Rs 38.67 crore on gold mortgage in the Vizag region. It aims to touch Rs 120 crore advances by March 2010 and has already achieved Rs 86.5 crore by November 15.