Muthoot Microfin said that it has announced a strategic co-lending partnership with the State Bank of India (SBI) to extend its financial services to women entrepreneurs in rural and semi-urban regions across India.
Under this agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups (JLGs) who are engaged in agricultural and allied activities as well as other income-generating enterprises. The loan amounts will range from a minimum of Rs 10,000 to a maximum of Rs 3,00,000, providing a substantial boost to women entrepreneurs from rural regions.Thomas Muthoot, Managing Director, Muthoot Microfin Ltd., stated, Indias microfinance sector is experiencing sustained growth, and we are proud to be at the forefront of this transformation. Our collaboration with SBI will enable us to deepen our reach by addressing the diverse financial needs of rural women. Providing these women entrepreneurs with access to credit and supporting them in their entrepreneurial journey is our aspiration with this partnership. We are committed to make a positive and lasting impact on the lives of millions of rural women in India.
Sadaf Sayeed, CEO, Muthoot Microfin Ltd said, At Muthoot Microfin, we focus on the bottom of pyramid (BoP) households and promote women entrepreneurship. We constantly endeavor to provide innovative and cost-effective products to our BoP clientele. Making progress in this direction and to take financial inclusion to next level, we have collaborated with the largest bank, i.e., State bank of India. I am convinced that, with this partnership we will be able to offer wide range of products and services to our clients, most importantly it will help us in meeting the growing demand of our women entrepreneur clients in a cost-effective manner. Together with SBI, we are committed to fostering economic growth and self-sufficiency among women entrepreneurs in rural India.
Muthoot Microfin is the fifth largest NBFC-microfinance company in terms of gross loan portfolio. The company provides micro-loans to women customers primarily for income generation purposes with a focus on rural regions of India.
The companys consolidated net profit jumped 26.65% to Rs 119.76 crore in Q4 FY24 as compared with Rs 94.56 crore in Q4 FY23. Total income increased 45.80% YoY to Rs 653.42 crore in Q4 FY24.
The counter rallied 3.54% to end at Rs 220.85 on Thursday, 6 June 2024.
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