Muthoot Microfin Opens its First Branch in Andhra Pradesh

Muthoot Microfin (NSE: MUTHOOTMF BSE: 544055), a leading microfinance institution in India, is proud to announce its foray in Andhra Pradesh with the opening of its first branch at Chodavaram. The inauguration ceremony took place in the distinguished presence of Mr. Udeesh Ullas, COO, Muthoot Microfin along with Mr. Subhransu Pattnayak, CHRO, Muthoot Microfin.

With the new branch, Muthoot Microfin has expanded its network to 20 states serving over 3.4 million customers. With this expansion, it aims to bring its expertise in micro-lending to Andhra Pradesh, fostering economic growth and development in the state.

The new branch will focus on empowering low-income households and women-owned businesses by offering financial services tailored to their needs. Prioritizing women entrepreneurs, the branch will provide incomegenerating loans and support to promote financial inclusion, helping them grow their small businesses, improve livelihoods, and contribute to their communities' inclusive growth. The solutions are specifically designed to promote financial inclusion among women.

Commenting on this strategic move, Mr. Sadaf Sayeed, CEO, Muthoot Microfin, said, "The opening of the Chodavaram branch underscores our focus on providing accessible and affordable financial services to women. The branch will offer a range of microfinance solutions tailored to meet the specific needs of the local population, with a focus on quick turnaround times and hassle-free processing. With our maiden entry in Andhra Pradesh, we now have presence in all southern Indian states, and will continue to strengthen our position to better serve and empower the women in their quest to achieve financial independence".

Shares of Muthoot Microfin Limited was last trading in BSE at Rs. 225.75 as compared to the previous close of Rs. 222.40. The total number of shares traded during the day was 12454 in over 528 trades.

The stock hit an intraday high of Rs. 226.65 and intraday low of 222.25. The net turnover during the day was Rs. 2805516.00.

Source : Equity Bulls

Keywords

MuthootMicrofin INE046W01019 MicrofinanceInstitutions BranchOffice Chodavaram FirstBranch AndhraPradesh