Muthoot Finance forays into ATM business

K. R. Srivats Updated - February 04, 2014 at 03:05 PM.

Marking its foray into the ATM business, gold loan company Muthoot Finance on Tuesday launched its first-ever white-label Automated Teller Machine (ATM) in the Capital.

This non-banking finance company will by end-March roll out 100 ATMs on a pan-India basis and ramp up its ATM network to 9,000 in three years, M.G. George Muthoot, Chairman, Muthoot Finance, told Business Line.

Muthoot Finance is expected to invest ₹300 crore for the ATM business, he added.  

Of the planned 100 ATMs by end-March, as many as 50 will come up in South India and the remaining 50 in North, East and West India.

Besides Muthoot Finance gold loan branches, the roll out of ATMs will happen in the locations of its other business verticals such as hotels, education and healthcare and also in public locations where the footfalls are high, he added. 

Muthoot Finance has partnered with FIS Payment Solutions and Federal Bank (sponsor bank) for this white-label ATM venture. 

“The white-label ATM foray will increase the visibility of our products. This venture will allow us to cross-sell many of our existing services to users of the ATM,’’ Muthoot said adding that the NBFC’s imprint on the country's economic map will increase.

To identify the excellent locations (with high footfalls) where ATMs could be set up, Muthoot Finance has commissioned a national survey, Muthoot said.

srivats.kr@thehindu.co.in

 

Published on February 4, 2014 09:32
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