Muthoot Finance, an Indian non-banking finance company (NBFC) that offers money transfers and loans using gold items as collateral, recently partnered with Fidelity National Information Services (FIS), a US-based banking and payment technology provider, to introduce Muthoot-branded automated teller machines (ATMs) in rural areas of India. This reportedly is the first time that the Reserve Bank of India has given a non-banking financial company a license to set up branded ATMs.
According to Raja Gopalakrishnan, the COO of FIS, “Bringing ATMs to rural areas is a strong step to alleviating the vast numbers of unbanked and underbanked people across India. FIS, as a leader in money movement solutions, including ATM managed services, and with a highly experienced team already in place in India, is uniquely positioned to support inclusion efforts.”
As of 2013, Muthoot Finance reported total assets of INR 294 billion (USD 4.9 billion), approximately 4,000 branches and 26,000 employees in India. As of October 2014, FIS reported total revenue of USD 1.5 billion, operations in 110 countries and approximately 10,000 ATMs in India.
About Muthoot Finance Limited (Muthoot Fincorp)
Established in Kochi, India, in 1887, Muthoot Finance Limited (Muthoot Fincorp) is a gold financing company that provides personal and business loans secured by gold jewelry. The company also offers money transfer services as a sub-agent of various registered money transfer agencies. As of 2014, Muthoot Finance has received approval from the Indian government to begin offering housing finance. As of 2013, Muthoot Finance reported total assets of INR 294 billion (USD 4.9 billion), approximately 4,000 branches and 26,000 employees in India.
About FIS
FIS is a US-based banking and payment technology provider that serves approximately 14,000 institutions in 110 countries. As of October 2014, FIS reported total revenue of USD 1.5 billion.
Sources and Additional Resources
[1] FIS Press Release, http://www.fisglobal.com/C032777
MicroCapital, July 21, 2014: National Housing Bank (NHB) of India Approves Muthoot Finance to Offer Home Mortgages, https://www.microcapital.org/microcapital-brief-national-housing-bank-nhb-of-india-approves-muthoot-finance-to-offer-home-mortgages/
MicroCapital, April 22, 2013: Muthoot Fincorp of India to Offer $19m in Non-Convertible Debentures to Fund Continued Diversification from Gold Loans to Microfinance, https://www.microcapital.org/microcapital-brief-muthoot-fincorp-of-india-to-offer-19m-in-non-convertible-debentures-to-fund-continued-diversification-from-gold-loans-to-microfinance/
MicroCapital, December 13, 2010: Muthoot Fincorp, ACCION International Join to Increase Microfinance Lending in India, https://www.microcapital.org/microcapital-brief-muthoot-fincorp-accion-international-join-to-increase-microfinance-lending-in-india/
MicroCapital Universe Profile: Muthoot Finance Limited (Muthoot Fincorp), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Muthoot+Finance+Limited
MicroCapital Universe Profile: FIS, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FIS
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more athttps://www.microcapital.org/ products-page/
Similar Posts:
- MICROFINANCE PAPER WRAP-UP: “2023 Microfinance Index Report,” Published by 60 Decibels
- MICROCAPITAL BRIEF: SBFC Raises $18m from Amansa for On-lending to Small Businesses, Households in India
- MICROCAPITAL BRIEF: BIO Loans $15m to AMK Microfinance of Cambodia
- MICROCAPITAL BRIEF: Enabling Qapital Loans $10m to AccessBank for Microfinance, SME Lending in Azerbaijan
- MICROCAPITAL BRIEF: Liberation Community Finance Expanding Branch Network, Product Lineup for Farmers, Women, Youth in Uganda