Financial services company Muthoot Fincorp Ltd is seeing rural demand growing, a senior executive of the company told DH.
“Post-Covid, any segment sale indicating the rural economy is in green - has either reached pre-pandemic levels or surpassed it, he said, adding that the app will further improve the reach and drive demand for their top segments,” said Chandan Khaitan, who heads Muthoot FinCorp One, a new app launched on Wednesday provides lending, investments, protection, and payments in an effort to boost financial inclusion to further drive rural demand.
Rural adoption of financial services is improving considerably on the back of massive mobile phone adoption, he said. According to Khaitan, eight out of 10 people in the metro cities access their bank accounts via mobile phones while tier-2 and tier-3 cities and most parts of rural India are mirroring the trend.
The super app will offer all financial and non-financial services of the Muthoot group including gold loans and MSME loans seamlessly along with over 3600 physical branches of Muthoot FinCorp. It also offers investment products like digital gold and non-convertible debentures (NCDs) while the forex services encompass multi-currency cards, cash transactions and international transfers.
“In the next two quarters, 2-wheeler loans and housing loans will also be added along with general and medical insurance, personal loans,” Khaitan added.
Published 23 August 2023, 23:09 IST