Muthoot Finance is widely reckoned as the pioneers of the gold loan business in India. For three decades, its operations has been spearheaded by Mr. George Alexander Muthoot – Managing Director of Muthoot Finance. It is hardly uncommon to hear about his financial prowess driving his organization to robust growth. But what’s least been discussed is the vastness of the CSR initiatives that the company is carrying out under his leadership. In a recent conversation with CSR Times, he spoke about his company’s CSR mission.
Can you share the vision and work of CSR in your organization?
As a strong proponent of CSR, Muthoot Finance has been consciously embracing welfare initiatives aimed at furthering social good. The objective is to ensure positive social impetus through well planned activities backed by effective implementation. Our initiatives are primarily focused on Healthcare, Education, and Environment for the present financial year considering the value and the profound impact it can create in the world around. We are also keen in strengthening the capacities of local communities and make financial inclusion possible for the underprivileged.
What are CSR interventions that Muthoot Finance is working on currently in India?
Some of our flagship CSR initiatives are Aashiyana Housing Project – a unique rehabilitation drive started in 2018 and implemented in Kerala, Haryana and Uttarakhand. We have recently touched the landmark of building 250 homes under this initiative . We have Muthoot Snehasraya Project – free mobile laboratory service intended for the prevention and early detection of kidney-related diseases, diabetes, and hypertension ailments. This is presently conducted in states like Kerala, Tamil Nadu, Telangana, Karnataka and Maharashtra. We also have higher education scholarships, widow marriage assistance, Swachh Bharat Abhiyan initiatives, sports interventions, poverty alleviation programmes etc carried out across the country.
How does the organization operate in terms of CSR and maximize the impact for the beneficiaries?
Muthoot Finance operates on direct engagement models focused on grass root level activities. Having said that, we also associate with NGO’s and other entities, but our team is always closely involved in the process. At Muthoot Finance we always value the role of NGOs in reaching out to the people in need. Even though our CSR spends are quantified annually, we always consider the impact of the intervention and extend our support in the next fiscal year as well. We have more than 5800 plus branches across the 29 states in the country focused especially on the rural segments of the country. This network helps us understand the reality on ground – what are the issues faced by the deprived communities. This gives us strategic insights on what intervention needs to be adopted. We also focus on benchmarking it or look for scalable models that can be adopted somewhere else in the area of operations.