Muthoot Fincorp to resume money transfer services with limited branches

The company will be opening select branches across the country, only for money transfer services (MTSS), as per the directions issued by the Reserve Bank of India, it said in a release.

Money transfer services are predominantly availed by the person who is dependent on the money sent by their close relatives.

However, due to the lockdown, MTSS were affected, which has put people in great hardship. To resolve the issue, the RBI vide its communication dated April 13, 2020, has directed us to start providing MTSS services to the public, it said.

"The economic impact of the lockdown necessitated because of the pandemic, on the common man, has been immense...the (RBI) direction will be comforting to the common man and enable Muthoot Fincorp in serving the needs of such common man," said Thomas John Muthoot, Chairman - Muthoot Pappachan Group and Managing Director - Muthoot Fincorp Limited.

The company said it will open branches in phased manner, across the country, and select branches in Kerala, which has been able to control the impact of the pandemic admirably, from tomorrow, April 16.

Select branches in rest of the country, will be opened from April 17, it added.

The financial services provider said selection of branches is based on critical factors such as classification of the geographies in terms of the impact of pandemic and directions from local authorities.

As per the directions of the authorities, complete adherence to the health and hygiene guidelines and protocol, both for the customers and the staff, are being put in place, it added.