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Muthoot Finance seeks approval for card

img_0018Gold loan company Muthoot Finance has sought permission from the Reserve Bank of India to pre-load part of gold loans in dedicated cards. A senior official of the firm said it has approached RBI to allow it to disburse money through cards under which an amount can be pre-loaded on them and withdrawn by the gold loan customer whenever needed. Such a scheme will benefit both the company as well as borrowers and the charging of interest can start after the withdrawal of the amount. The money can be withdrawn at any ATM or among the 9,000 white label cash vending machines which the Muthoot Group is targeting to put up in the next three years.

Commercial banks already offer a similar scheme under their Kisan Credit Card programme for farmers. Muthoot Finance has also requested the RBI to allow it to launch a special card to take care of remittances, under which a receiver could be able to make use of ATMs to withdraw transferred amounts. Muthoot Finance has launched its 15th ATM – the first in the Mumbai metropolitan region – at Virar. The ATMs, being put up at Muthoot Finance’s own branches to start with, will be feasible only if around 70-80 transactions take place on a daily basis.

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