Muthoot Finance, a finance and insurance corporation, has secured approval from the RBI to launch 115 new branches, as per a disclosure in a stock exchange filing.
The RBI has requested Muthoot to furnish details of the new branches and ensure necessary security arrangements for the storage of gold jewellery, including safe deposit vaults.
In the third quarter of FY25, Muthoot Finance recorded a 21% increase in consolidated Profit After Tax (PAT) at ₹1,392 crore compared to ₹1,145 crore in the same quarter of FY24. The interest income also saw a significant growth to ₹5,067.3 crore from ₹3,683.1 crore in the corresponding period the previous year.
The company recently informed the stock exchanges about a demand from the office of the Assistant Commissioner of State Tax amounting to ₹40,19,762, along with interest of ₹29,97,310 and a penalty of ₹4,19,336 for Input Tax Credit (ITC) claimed from cancelled dealers, return defaulters, and tax non-payers.
On Tuesday, the company’s stock slipped by 0.50% to close at ₹2,177.55 on the NSE and ended at ₹2,184 on the BSE.
In addition to the approval for new branches, Muthoot Finance has been directed by the RBI to comply with the required regulations and guidelines for secure operations and customer protection.