The Hindu Business Line : Muthoot gets F1 rating from Fitch

MUTHOOT Finance Pvt Ltd, a leading non-banking finance company in the State, has received F1 rating for its short-term deposits from the international credit rating agency Fitch Rating India Ltd.

It is for the first time that a Kerala-based company has obtained such a high rating. This is equal to the AAA rating offered to long-term deposits, Mr George Alexander Muthoot, Managing Director of the company, told reporters.

The Muthoot Group, with a turnover of Rs3,500 crore, is aiming to achieve a 20-30 per cent increase in its turnover this year. The company, with 350 branches throughout the country, is planning to expand its network in this fiscal by adding 60 more branches from the present 350.

The daily disbursement in the bank is to the tune of Rs10 crore in nearly 25,000 transactions. Around 400 kg of gold reaches the bank braches for gold loans daily, he added.

Earlier at a function held here, the Group Chairman, Mr M.G. George Muthoot, presented a Ford Ikon car to the winner of the Swarnamayooram scheme for gold loans to an autorickshaw driver from Alappuzha.

More Stories on : Fixed Deposits | NBFCs | Credit Rating | Kerala

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