Muthoot Microfin announces foray in Telangana with 4 branches in 1st phase

Muthoot Microfin on Friday announced foray in Telangana and will inaugurate four branches in the state during March in the first phase of expansion.

These branches will serve locations including Bhuvanagiri, Jangaon, Hanmakonda and Parakala, enhancing accessibility to financial services, the company said in a release.
 

Subsequently, Muthoot Microfin plans to further establish branches in Andhra Pradesh by June 2024, reinforcing its commitment to advancing financial inclusion in the two states.

"In line with our growth strategy of increasing our distribution network and acquiring new customers, we will further expand our operations in Telangana. Soon, we will be entering Andhra Pradesh as well," said Sadaf Sayeed, CEO, Muthoot Microfin.

Muthoot Microfin is a part of Muthoot Pappachan Group (also known as Muthoot Blue). It provides financial assistance through micro loans such as income generating loans to women engaged in small businesses.

The company has 3.28 million active customers served through 1,424 branches spread across 18 states and 346 districts.