Muthoot Finance, the flagship company of the Muthoot Group and India's largest gold financing company in terms of loan portfolio, today announced the opening of its two new branches at Lal Chowk and Rajbagh in Srinagar, J&K. While the company already has its branches in the Jammu region, this is the first time it has opened its doors in Srinagar.

M G George Muthoot, chairman, The Muthoot Group said, ''The opening of these new branches at Srinagar is in consonance with the dynamic policy of the Group to reach out to the farthest places to enable Financial Inclusion. Srinagar has always been an integral part of The Muthoot Group’s expansion plan and this day marks the fulfilment of that dream. Today we are proud that we shall get an opportunity to serve the people of Srinagar in empowering their dreams by unleashing and monetizing the potential of their untapped valuable asset of used gold jewellery and thereby play an important role in the Financial Inclusion of the people of J&K.''

Muthoot added, ''With the opening of these branches, the Group will play a vital role in employment generation in the valley. Since the Group firmly believes in employing the sons of the soil, local youth in the valley will be offered employment opportunities in the branches. Further, the opening of these branches will enable self-employment, especially in the MSME sector like businesses in Shikaras, Shawls, Carpets, Tour Operations, etc., through its easy Gold Loans Schemes.''

Shares of the company gained Rs 2.45, or 1.48%, to settle at Rs 168.50. The total volume of shares traded was 8,053 at the BSE (Thursday).