Muthoot Finance H1 FY 2024 Financial Performance
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BELSTAR MICROFINANCE LIMITED - AN OVERVIEW
Muthoot Finance
As of September 2023, Muthoot Finance holds 59.02% in BML. BML was incorporated on January 1988 at Bangalore and the Company
was registered with the RBI in March 2001 as a Non- Banking Finance Company. The Company was reclassified as "NBFC-MFI" by RBI
effective from 11th December 2013.
BML was acquired by the 'Hand in Hand' group in September 2008 to provide scalable microfinance services to entrepreneurs nurtured by
'Hand in Hand's' Self Help Group (SHG) program. The Company commenced its first lending operations at Haveri District of Karnataka in
March 2009 to 3 SHGS, 22 members for INR 0.20 mn.
In the last fourteen years of its operations, BML primarily relied on taking over the existing groups formed by Hand in Hand India. BML
predominantly follows the SHG model of lending. Effective January 2015, BML started working in JLG model of lending in Pune district,
Maharashtra.
As of September 30, 2023, BML operations are spread over 17 states and 2 UT (Tamil Nadu, Andhra Pradesh, Karnataka, Madhya
Pradesh, Maharashtra, Kerala, Odisha, Pondicherry, Chattisgarh, Gujarat, Rajasthan, Bihar, Uttar Pradesh, Uttarakhand,West Bengal,
Haryana, Punjab, Tripura and Delhi. It has 946 branches, with 184 controlling regional offices and employs 9491 staffs. Its gross loan AUM
has grown from INR 0.20 mn in March 2009 to INR 78,741 mn in September 2023
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