Muthoot Finance Ltd on Wednesday announced that it has received permission from the Reserve Bank of India (RBI) to open 115 new branches. In a regulatory filing, the gold loan company said, “It is hereby informed that the Reserve Bank of India vide its letter dated February 25, 2025 has granted permission to open 115 new branches for Muthoot Finance Limited.”
Muthoot Finance also shared the approval letter from the RBI on the exchanges. The central bank, while granting permission, also advised the firm to ensure suitable security and storage arrangements for gold jewellery, including safe deposit vaults.
The letter read, “Please refer to your letter dated November 28,2024 seeking permission for opening of new branches. In this connection, it is advised that you have been granted permission for opening of 115 new branches as requested. You are also advised to inform the bank of the details of the branches so opened. The company is also advised to ensure suitable arrangements for security and for storage of gold jewellery, including safe deposit vault, as envisaged in the extant directions, to the extent applicable.”
Earlier this month, Muthoot Finance had released its fiscal third quarter earnings with profit at Rs 1389 crore, up 26 per cent from Rs 1104 crore recorded in Q3 of the previous financial year. The company’s revenue from operations posted a 36 per cent YoY jump to Rs 5190 crore during the reported quarter from Rs 3820 crore in the corresponding quarter of FY24. Muthoot Finance’s interest income stood at Rs 5067 crore.
Shares of Muthoot Finance were down 0.2 per cent at 11:50 am at a trading price of Rs 2,183.00.