Muthoot Microfin has been authorized by the Insurance Regulatory and Development Authority of India (IRDAI) to offer insurance products in India.
This is due to the corporate agent license issued to the company by IRDAI, which enables it to offer insurance products to its customers while augmenting its sources of revenue and earnings.
Muthoot Microfin CEO Sadaf Sayeed said,“At Muthoot Microfin, we are always seeking new avenues to better serve our microfinance customers. This development with IRDAI empowers us to bridge the protection gap for our microfinance customers. We can utilize our network of 1,508 branches spread across 19 states to reach out to 3.35 million customers. This extensive reach can be achieved without any additional expenditure. 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.”
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A part of the renowned Muthoot Pappachan Group, Muthoot Microfin operates as an NBFC authorized by RBI. Headquartered in Kochi in Kerala, the company focuses on offering micro loans to women entrepreneurs with a focus on rural regions of the country.