Muthoot Finance Limited, a gold financing company, will set up white label ATMs during the current quarter. This was stated by the company in a release in which it announced the results for the quarter ended December 31, 2013. The company registered a net profit of Rs.194 crore for the quarter under review and Rs.599 crore for the nine months ended December 31, 2013.
M. G. George Muthoot, Chairman, said, “We are glad and thankful to the Reserve Bank of India for relaxing the LTV cap from 60 per cent to 75 per cent.”
George Alexander Muthoot, Managing Director, said the company had engaged the services of McKinsey for advising it on improving productivity in the gold loan business. The company would be focusing on achieving the March 2013 loan portfolio level of Rs.26,000 crore in the next couple of quarters, he said.
