Muthoot Finance, largest gold mortgage player is mulling to launch commercial lending business with as many as 2,000 branches, as it has applied for banking license. It has majority of its branches in tier 2,3 & 4 towns and they can be immediately converted into a full-fledged bank branches.
The company has over 4,200 gold loan outlets across 21 states and four Union territories, and employee strength of over 25,000 with a gold loan portfolio of over Rs 26,000 crore as of last fiscal.
Muthoot Finance is a non-deposit taking systemically important non-banking finance company (NBFC). It is primarily in the business of lending against used household gold jewellery to individuals.
