We are a part of the financial conglomerate Muthoot Pappachan Group (MPG) and are inspired and guided by our ’trust’ story, built over decades. Chit is the first financial product of the Muthoot Pappachan Group We endeavour to offer complimentary Chit Services to meet the unique financing requirements of our customers – both on the Savings & Borrowing front.
Saving money is an important aspect of life. We may also seek loans during the life cycle to acquire an asset or meet a financial emergency. Every person needs to invest money and have a borrowing option in an emergency.
Chit – being a savings-cum-loan scheme, is a unique product that we offer to all classes of customers. At the same time, we maintain the highest level of ethics, best practices, professional integrity, corporate governance, and regulatory compliance.
The Muthoot Group started its first Chit fund in 1939, deeply rooted in ethics, trust, and financial sobriety. Our experience in the financial market enables us to deal with challenges and capitalize on emerging market opportunities effectively. Accordingly, in 2012, we relaunched our Chit business in a new form by incorporating a new company called Muthoot Pappachan Chits (India) Pvt Ltd.
The MPG brand is synonymous with trust and integrity. We offer a diverse range of products and schemes. You can conveniently access them through our various customer touchpoints/channels such as branches, agents, online, etc. Our members can also choose between multiple security norms for prize money. All these features set us apart from traditional chit operators.
At the core of Muthoot Blue is its Purpose:
"To transform the lives of the common man by improving their financial wellbeing."
To provide timely small credit to millions of ordinary people and provide them with simple solutions to save their hard earnings.
To be the most trusted financial services provider, at the doorstep of the common man, satisfying him immediately with easy and simple products.
We will do everything to gain and maintain the trust of all the stakeholders by practising our core values every day. "Integrity - Collaboration – Excellence.”
We take our name, Muthoot, from our family, a branch of a traditional Orthodox Christian family, based in Kozhencherry, a small town in the erstwhile primary state of Travancore (Kerala). In 1887, Muthoot Ninan Mathai (Patron Founder of the group), started as a retail and wholesale trader of grains at Kozhencherry. The wholesale goods were supplied to the large Estates owned by British Companies. Later, understanding the needs of the estate workers and at the request of the British owners, who appreciated the values & principles of Mr. Ninan Mathai, he started a form of Chit Fund. The aim was to provide self-less service for the workers, who were unable to manage their cash and would tend to lose and/or misspend the same. Giving the workers an avenue for saving, providing for exigencies, and also securing their tomorrow, it started as a simple solution to the need then, which soon gained momentum and spread across. The business grew slowly but steadily and had its share of ups and downs. Functioning out of a single office in Kozhencherry, Muthoot Ninan Mathai entered the gold loan business in the 1950s. He soon went on to become the largest player in Chits & Gold Loans. Even today, people from across the state are happy to come to Kozhencherry for gold loans & chits. The Late Muthoot Ninan Mathai had four sons, Ninan Mathew, M. George, M. Mathew, and Mathew M. Thomas (Muthoot Pappachan) who were involved in the business from their childhood and later took over the family business. In the late 1980s, the business was most amicably split four ways and Shri Muthoot Pappachan founded the Muthoot Pappachan Group.
Over the years, the Muthoot Pappachan Group has grown to become a significant entity in the Indian business landscape. “A journey of a thousand miles begins with a single step”. True to this adage, the group which planted its roots in retail trading, later diversified and made its mark into various sectors including Financial Services, Hospitality, Automotive, Realty, IT Services, Healthcare, Precious Metals, and Alternate Energy.
Where we stand today
Currently Muthoot Blue has over 26,000 employees, serving around 5 million customers through its 4,200+ branches, other offices, and team on the ground, across the country. Our extreme customer-centric approach and innovation in terms of new products that cater to changing customer needs have helped in winning the loyalty of innumerable customers, as well as in attracting new ones. Adopting the latest technology and new ways to serve customers, without compromising on basic principles and ethics we have been following since our inception, is what drives the Group.
Our focus on Philanthropy remains unchanged
Driven by the values & principles of our kindred Founder, the Group set up the Muthoot Pappachan Foundation (MPF), a Public Charitable Trust – the CSR arm of MPG that has touched thousands of lives through its diverse programs. The CSR initiatives of Muthoot Blue revolve around the theme HEEL, covering Health, Education, Environment, and Livelihood.
We have established a business without boundaries, where challenges are considered the stepping-stones to progress. The Muthoot Pappachan Group strives to take the world forward with perseverance, commitment, and sincerity, and we know, the possibilities are infinite!
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