Muthoot Mercantile Limited, flagship company of the Muthoot Ninan Group, has been on a branch opening spree. Recently, it has entered Madhya Pradesh by setting up the first branch at Kolar Road in Bhopal.
The company intends to set up 15 more branches in the State in the next two months, a company spokesperson said.
The Muthoot Mercantile branches will offer a bouquet of products and services including gold loans, health insurance and money transfer. Madhya Pradesh has been chosen as a target area for business for the company since it has a huge base of lower-income and middle-class population.
The company has opened its 25th branch at Bhajanpura in the National Capital Region. It plans to set up more branches in the NCR in the coming two months.
Mathew M Muthoot, Chairman of the company, said that NCR stands out as a market with large numbers of lower-income and middle-income families. The company has recently opened branches in Dombivli East in Mumbai and in the State of Odisha as well.