Muthoot Finance launches a new welfare scheme to

 Muthoot Finance launches a new welfare scheme to support families of deceased employees affected by Covid-19

 

Muthoot Finance is India’s largest gold loan NBFC. The company’s management has decided to support the families of those employees who unfortunately lost their lives due to Covid-19 in South India.

The company has been initiating various steps to protect its employees from this dangerous pandemic. Repeated instructions have also been issued to internal employees emphasizing the need to take precautions in the form of social distancing, wearing of mask, importance of sanitization etc.

Mr. George Alexander Muthoot, Managing Director, Muthoot Finance Ltd.  said, “Our organization is trying to protect all its employees in every possible way and has been checking with each employee personally to ensure that precautions to safeguard themselves from the threat of Covid-19 pandemic have been carried out”

The salient feature of the new employee welfare scheme is:-

Ø  In respect of employees dying in harness due to Covid-19, Company will pay monthly salary for the next 24 months to the spouse/ mother of the deceased employee.

This will be in addition to the terminal benefits offered by Muthoot Finance including one-time compassionate payment, payable to the family/dependents of deceased employees. The company will continue to ensure that each employee and their family member is safe and protected.

To promote and motivate the employees to take vaccination against COVID-19, company has decided to reimburse the amount of Rs. 1500 for vaccination of employees and their dependents, if they produce the copy of the vaccination certificate.

employment, the period of monthly compensation will be limited to 12 months irrespective of the total period of the engagement in the Company.

This will be in addition to the terminal benefits offered by Muthoot Finance including one-time compassionate payment, payable to the family/dependents of deceased employees. The company will continue to ensure that each employee and their family member is safe and protected.

To promote and motivate the employees to take vaccination against COVID-19, company has decided to reimburse the amount of vaccination for employees and their dependents, if they produce the copy of the vaccination certificate.

post budget views of Mr.George Alexander Muthoot, MD, Muthoot Finance

 Mr.George Alexander Muthoot, MD, Muthoot Finance.

 “The 2021-22 budget has laid clear emphasis on economic growth and the financial services sector will play a crucial role in achieving the development goals of the government. Among the several business friendly announcements, some that stood out for us include net rationalisation of customs duty on gold by 2.5% which should bring more gold into the country through official channels and incentivising purchase of affordable homes by extending eligibility period for claiming additional deduction of interest paid of Rs. 1.5 lakh to 31^st March 2022. 

 

Increasing FDI limit in insurance to 74% from 49% is another progressive announcement that will bring more investments and activity in this sector. Lastly, reflective of the importance of the MSME sector, the government has provided Rs. 15,700 cr for it, double of last year’s budgeted estimate and we stand steadfast with the MSMEs, individuals and entrepreneurs of India in financing and enabling their Atmanirbhar Bharat ambitions.”

Post the RBI announcement, here are the views of

Post the RBI announcement, here are the views of Mr. George Alexander Muthoot, MD, Muthoot Finance.

“We welcome the RBI announcement to cut the repo rate by 40 bps which will infuse liquidity into the system in such challenging times. Also, the reduction in reverse repo rates will discourage banks to park idle money with RBI and lend further.

We appreciate the decision of extending the moratorium by three months thereby providing the much needed relief to the borrowers. It will help in reducing the repayment pressure and provide necessary time to analyze the cash flow status. We believe RBI measures will aid in restoring the financial health of the economy.”

Muthoot Finance to resume its services

Muthoot Finance to resume its services across all branches

 Muthoot Finance will re-open all the branches across India from Monday, April 20, 2020 since COVID-19 lockdown. The company will resume all services while ensuring maximum safety and precautions of its customers.

However, as the government will strictly monitor red spots and orange spots, Muthoot Finance will oblige to the local orders of the cities they operate in. Depending on the gravity of the situation in a particular state/city, the regional heads will be taking extra precautions.

The lockdown has been particularly difficult for our esteemed customers and Muthoot Finance will put their grievances on utmost priority while providing for social distancing tools at the branches like chairs for customers, hand sanitizers for all, thorough checking at the entry points, etc.

“We have prepared ourselves to serve all our customers in these coming days. As some states still remain severely afflicted, we will safeguard the health of our customers and our employees to provide seamless services to those who will come to the branches. We request all our customers to maintain the social distancing decorum and follow strict sanitary guidelines to continue fighting COVID-19”, said Mr. George Alexander Muthoot, Managing Director, Muthoot Finance.

The branches will function in their regular timings and will adhere to all instructions set out by the State Governments for corporates resuming services from April 20, 2020.