Muthoot finance is the largest gold loan NBFC with a reach over 4265 branches 21 state and four union Territories with the gold loan of Rs.21,800 crore. Manappuram finance has 3,200 branches nationwide with the employee strengthen, with the portfolio of Rs 9000 crores.
The founder and Managing director of stock brocking firm geojit BNP Paribas, CJ George said, “Historically, Malyalis have excelled in financial services as an ethnic group. The size of these companies reflects their innovative skills. Gold loan business also reflects Malyalis’ hunger for gold and the strong dowry system which feeds gold and gold loans.”
While the chairman and the managing director of Muthoot Fincrop Thomas John Muthoot said, “we have a gold loan portfolio of Rs 8500 crore then had 41 tonnes of gold in its vaults. Two things happened in this gold prices declined and bank become aggressive in gold loans. As the gold prices declined, our business also came down slightly, reflecting on our gold holdings.”
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