Money & Banking

Muthoot Pappachan Chits targets ₹1,000-cr business in Karnataka

Our Bureau THIRUVANANTHAPURAM | Updated on August 24, 2018 Published on August 23, 2018

Bengaluru branch adds 1,000 customers within 90 days of branch opening

Muthoot Pappachan Chits of Muthoot Pappachan Group, has crossed a milestone of over 1,000 customers within 90 days of its first branch opening in Bengaluru.

This branch has so far generated business of Rs 45 crore from retail chit groups.

For the current financial year, Muthoot Pappachan Group is looking at a business of ₹1,000 crore in Karnataka. Before the end of the financial year, the group aims to expand the chits business beyond Karnataka.

Thomas John Muthoot, Chairman and Managing Director, said the group is guided by the vision to provide the common man with financial products, solutions and services, with advance digitisation to serve their needs.

It has completely automated the enrolment process – both booking of business and documentation – , with 90 per cent of prize money release happening within timelines.

The channel partner/counter staff can directly enrol customers by getting a one pager filled and the KYC done across the counter.

Roy John, Vice-President of the chits business, said that chits are a popular form of saving and borrowing in South India and a very strong source of financial management especially for large retail groups.

Accomplishment of the milestone comes as a result of optimisation of multiple sourcing channels and effectiveness of the synergy between Muthoot Fincorp, an NBFC, and Muthoot Pappachan Chits.

The organised market size for chit business is approximate Rs 45,000 crore and Muthoot Pappachan Chits sees itself as one of the major players in the coming years.

Published on August 23, 2018

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!


Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.