Muthoot Pappachan Chits India Limited (MPCIL) has crossed a milestone mark of over 1000 customers within just 90 days of its first branch opening in Bengaluru. This branch alone has generated 45 crores of business from retail chit groups, essentially the MSME base which is one of the major players in chit business. The business which was launched in Benagluru on 30th April, 2018 with an aim to financially empower MSME segments who are accustomed to the concept of chit especially in the southern region while maintaining the highest level of ethical standards and best practices. Before the end of the financial year, Muthoot Pappachan Group aims to expand the Chit business beyond Karnataka and look at INR 1,000 crore of business from Karnataka within this fiscal.
Mr. Thomas John Muthoot, Chairman & Managing Director, Muthoot Pappachan Group commented on the landmark saying, “The milestone achieved is a testimony to our deep understanding and lengthy association with the needs & wants of our customers and our commitment to providing them with the right financial products and services. We as a group are guided by our vision to provide the common man with financial products, solutions & services, with an advance digitisation to service their needs and fulfil their dreams towards tangible & substantial betterment in their lives.”
The Group with a strong focus towards digitization to provide better customer experience has successfully implemented complete automation of enrolment – both booking of business & documentation in the Chits business as well with 90% of prize money release happening with in timelines. The channel partner/counter staff can see available ongoing chit groups and can directly enroll customers by getting a one pager filled from the customer along with KYC across the counter in first instance itself.
Mr. Roy John, Vice President, Muthoot Pappachan Chit (India) Pvt. Ltd. further added, “Chits are a popular form of saving and borrowing in Southern India and a very strong source of financial management especially for large retail groups. This accomplishment comes as a result of optimisation of mutiple souncing channels and effectiveness of the synergy between Muthoot Fincorp Ltd. & Muthoot Pappachan Chit India Ltd. The blend of product proposition suit for different segment of customers and enhanced features such as multiple customer touch points, maximum security options including gold security, speedy disbusrsal of prize money through score based customer evaulation process etc further accelaerted the growth. All of these have collectviely brought value and assisted the branches in thriving the business within just 3 months. We are confident that it will have greater milestone in future and in its road to success will empower human ambitions.”
There are multiple channels for distribution established such as Agents, Direct sales teams, Corporate’s, focussing on MSMEs primarily and Digital channels. To ease the system of prize money distribution MPCIL proactively contact customers and are helping them to compete the documentation process at the earliest to disburse money. The efforts will be solely directed towards ensuring that the best of services reach the maximum number of consumers in the beginning and then eventually at sustaining these customers.