Muthoot Finance Ltd. has received approval from the Reserve Bank of India (RBI) to establish 115 new branches, the company announced on Wednesday. In a regulatory filing, Muthoot Finance confirmed that the RBI granted permission via a letter dated February 25, 2025.
The company also shared the RBI’s approval letter with the stock exchanges, which outlined the conditions for the new branches. The central bank advised Muthoot Finance to ensure that appropriate security measures and storage facilities for gold jewelry, including safe deposit vaults, are in place at the new locations.
The RBI letter stated, “In response to your request dated November 28, 2024, for approval to open new branches, we have granted permission for the establishment of 115 branches as requested. You are also required to inform the bank about the details of the branches once they are operational. Additionally, it is essential to ensure adequate security and storage arrangements for gold jewelry, as specified in existing guidelines.”
Earlier this month, Muthoot Finance reported strong earnings for its fiscal third quarter, with a profit of ₹1,389 crore, marking a 26% increase from ₹1,104 crore in the same period the previous year. The company also saw a 36% year-on-year rise in revenue from operations, reaching ₹5,190 crore compared to ₹3,820 crore in Q3 FY24. Interest income for the quarter stood at ₹5,067 crore.
At 11:50 AM, Muthoot Finance shares were trading down 0.2% at ₹2,183.00.
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