Muthoot to start mutual funds, vehicle finance business this fiscal

Plans to grow non-gold loan portfolio to 20 per cent of business

Non-Banking Finance Company (NBFC) Muthoot Finance Ltd is expected to start its mutual funds business and vehicle finance business during this fiscal year as part of its plan to gradually grow its non-gold loan portfolio.

Managing director of Muthoot Finance, George Alexander Muthoot said the effort was to grow the non-gold loan portfolio.

"At present, almost 90 per cent of our portfolio is gold loan, with the rest coming from housing finance, microfinance, and the Sri Lankan subsidiary. We are planning to bring the gold loan to 85 per cent by the end of this year and to 80 per