Muthoot Pappachan Chits begins operations in Chennai To further strengthen presence across southern markets

0
72

•      Looks to open multiple branches in Tamil Nadu by this year

•      Targets to penetrate into the non-traditional customer category

•      Scale up beyond Kerala and Karnataka markets in the southern region 

•      Ensure effective savings and affodable borrowing for utilisation during critical circumstances 

Chennai, 30thJanuary, 2019: Muthoot Pappachan Chits (India) Pvt. Ltd. (MPCIPL), the chits business arm of Muthoot Pappachan Group, the group known as Muthoot Blue, today announced the start of its operations in Chennai, Tamil Nadu to financially support the MSMEs and the common man and also target the non-traditional customer base. The product is a great savings tool. Apart from the traditional customer base, all segments of customers such as the youth, corporate executives, high networth individuals and senior citizens can  leverage the great benefits of the Chits as an investment and source of funds.

These chits will be available to the customers of Chennai through the Muthoot Pappachan Chits office located at Arumbakkam. Chits are a popular form of saving and borrowing in South India and a strong source of financial management, especially for large retail groups. Muthoot Pappachan Chits sees itself as one of the major players in the coming years.


Commenting on the launch of the business in Chennai, Mr. Thomas John Muthoot, Chairman & Managing Director, Muthoot Pappachan Group and Managing Director of MPCIPL said, “Our chit business saw great reception and siginificant growth in Karnataka, in the very first year of its operations itself. With its 131 years of legacy of trust and customer-centricity, the Muthoot Pappachan Group has endeared itself, across its wide spectrum financial products & services to anyone and everyone who has come in touch with its various businesses. As a group, we are about empowering human ambition as our Founder had envisaged. We are committed to help our customers, particularly those at the lower ends of the socio-economic pyramid in their gritty efforts to shape their lives for the better. Through Chits too, we are simply following the same vision with same rigour, but with added efficiency of transformed fundamentals & process with Digitisation .”

Mr. Roy John, Business Head & Vice President, Muthoot Pappachan Chits (India) Pvt Ltd said, “We opened our first branch outside Kerala in Bengaluru in April and had over 2000 customers in nine months with a business of Rs 85 crore. After Karnataka, we are now starting our first branch of Tamil Nadu in Chennai, with a business plan of Rs.200 cr in next one year. Over the next one year, we intend to expand our presence in other tier two cities of the state. The optimisation of multiple sourcing channels and effectiveness of the synergy with Muthoot Fincorp is a huge reason for this success.”

Talking further on the uniqueness of Muthoot Pappachan Chits, Roy said, “We are one of the very few companies in this business to offer a completely digital on-boarding process. Mutiple security options including gold pledge, enhanced customer touch points, optimisation of mutiple sourcing channels to diversify customer profile mix etc. are the other factors which further fuel our growth engine.  Digitisation of both the front and back end has helped us reach out to the younger and millennial customer base and do business more transparently. As a group, we are focussed on complete trustworthiness,

 transparency on one end and technology on the other, towards expanding our horizon and to provide ease, speed and convenience to our customers.”

“Our focus for the last 8 months was mainly on building a strong business model by setting up standard process norms, design of customised customer appraisal process for disbursement and exploring multiple sourcing franchises. The technology driven focus helped us to come out with a refined model compared to traditional industry approach.”

There are multiple established channels for distribution such as Agents, Direct sales teams, Corporates, focusing on MSMEs primarily, and Digital channels. To ease the system of prize money distribution MPCIPL proactively contact customers and are helping them to compete the documentation process at the earliest to disburse money. The efforts will be solely directed towards ensuring that the best of services reach the maximum number of consumers in the beginning and then eventually at sustaining these customers.

The chits-business landscape has seen a paradigm shift in India over the years. Although  this  sector in India has primarily been unorganised,  there are a few organized players, who have managed to deal with their own as well as the macro-idustrial policy challenges and changes in this space and stand strong. Today, the major chits companies, whether of a family-legacy origin or start-ups, operate within stringent regulations and discipline. 

About Muthoot Pappachan Group:

Muthoot Pappachan Group (MPG), the much-diversified business conglomerate has been providing solutions, services and expertise to millions of customers across the country in various domains like financial services, automotive, realty, hospitality, IT and alternate energy. Over the years, Muthoot Pappachan Group has grown to become a significant entity in the Indian business landscape. Muthoot Pappachan Group in fact is one of the largest employees in the country, across industries, providing employment to over 26,000 people and endeavouring to give them a family-like work environment. The group’s customer-centric approach and innovation in terms of new products that cater to changing customer needs, have helped in gaining the loyalty of innumerable customers, as well as attracting new ones. The Group adopts the latest technology and new ways of catering to the needs of customers, coupled with an uncompromising stand on values, principles and ethics.

Do visit us at www.muthoot.comand at www.muthootblue.comto know more about new brand philosophy, ‘Blue is Belief, and see our endearing #KahaaniBlueSochKi

About Muthoot Pappachan Chits:

Chit, being the first financial product of MPG , Muthoot Pappachan Chits (India) Pvt Ltd, endeavours to offer complementary Chit Services to its customers who have unique financing requirements – both in Saving & borrowing front. The group started its first Chit fund in the year 1939 deeply rooted in ethics, trust and financial sobriety. Our experience of financial markets helped us to effectively cope with challenges and capitalize on the emerging opportunities available in the market. Accordingly, we relaunched our Chit business in the new form by incorporating a new company named Muthoot Pappachan Chits (India) Pvt Ltd in the year 2012. 

About Muthoot Fincorp Ltd: 

Muthoot Fincorp Ltd., the flagship company of Muthoot Pappachan Group, is one of the leading NBFCs in India with over 3600 retail branches, pan India. Muthoot Fincorp is a provider of products and services in the form of secured and unsecured loans to the middle and low-income customers. Decades of customer centricity, dedicated research and experience with the customers and their families have enabled the Company to provide quick and customized financing options and investment schemes for millions of customers. Muthoot Fincorp is one amongst the largest Gold Loan companies in India.  At the same time the company has a diverse mix of retail offerings catering to the various needs of its customers including MSME Loan products, Housing Loan, Auto Loan, Money Transfer, Foreign Exchange, Insurance Services, Wealth Management Services and Travel related services.

LEAVE A REPLY

Please enter your comment!
Please enter your name here