Muthoot Microfin has secured a corporate agent licence from the Insurance Regulatory and Development Authority of India (IRDAI).
The licence allows Muthoot Microfin to offer insurance products to its customers while augmenting its sources of revenue and earnings, the stock exchange filing said.
Sadaf Sayeed, CEO, Muthoot Microfin, said, “This development with IRDAI empowers us to bridge the protection gap for our microfinance customers.”
“It also provides us with the opportunity to earn additional revenue in the form of commissions, which will directly contribute to our bottom line and improve our ROAs,” Sayeed added.
Muthoot Microfin stock rose 2.17 per cent to trade at ₹248.16 as of 2.18 pm on NSE.