Reported by: banking|Updated: February 1, 2019
Muthoot Pappachan Chits (India), the chits business arm of Muthoot Pappachan Group, the group known as Muthoot Blue, has launched its operations in Chennai, Tamil Nadu. The company aims to financially support the MSMEs and the common man and target the non-traditional customer base. The product is a great savings tool. The company promotes chits as an investment and source of funds and these chits will now be available to the customers of Chennai. Chits are a popular form of saving and borrowing in South India and a strong source of financial management, especially for large retail groups. Thomas John Muthoot, chairman & MD, Muthoot Pappachan Group, said the company’s chit fund business saw great reception and significant growth in Karnataka, in the very first year of its operations itself. Roy John, business head & vice president, Muthoot Pappachan Chits (India), said the company opened its first branch outside Kerala in Bengaluru in April and had over 2000 customers in nine months with a business of Rs 85 crore. After Karnataka, it is now starting its first branch in Tamil Nadu in Chennai, with a business plan of Rs 200 crore in next one year.