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Saturday, May 3, 2014

Muthoot Smart ATM unveiled in Mumbai


                In June 2012, the Reserve Bank of India had issued policy guidelines permitting non-bank entities to set up and operate WLAs in the country after seeking Authorization under the Payment and Settlement Systems Act, 2007.
Previously, only banks were permitted to set up and operate ATMs in India.
The primary objective of permitting non-banks to operate WLAs was to enhance the spread of ATMs in semi-urban and rural areas (mainly tier III to VI cities/towns).
The concept of White ATMs is already prevalent in many other countries viz; Canada, Nigeria etc.
Muthoot Group has a rich heritage of 127 years and has the largest Gold Loan Portfolio in India.
The unique feature of Muthoot Finance is the Inhouse gold evaluation. In India, 90% of the families hold gold in ornament form rather than coins or bars. Apart from the gold, the ornaments contain other precious stones too. Hence the Inhouse gold evaluation is a win-win situation for Muthoot Finance as well as the customers.
Muthoot Finance has ventured into the White Label ATM arena. Towards this end,  it has unveiled its first ATM in Mumbai-Maharashtra at Virar.
Virar  part of Vasai-Virar Municipal Corporation is in Thane district in the Indian state of Maharashtra.
The main spiritual attractions of Virar are:
·         Jivdani Temple
·         Jain Temple
·         Vajreshwari temple
·         St. Peters Church
·         St. James Church

Muthoot Finance has a branch in Virar East. Another nearby branch is in Vasai. 

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