11th November 2024: Muthoot Finance, India’s largest gold loan NBFC continued to strengthen its commitment to socio-economic development through its Muthoot Social Responsibility (MSR) initiatives in FY 2023-24. During FY24, the company spent more than Rs. 1000 million in various community-focused projects, positively impacting the lives of more than 0.6 million people through a comprehensive and multi-faceted approach.
Continuing the legacy since the inception of The Muthoot Group in 1887, uplifting the society and fostering sustainability are deeply ingrained in Muthoot Finance’s organizational DNA. The CSR initiatives were focused on offering holistic development by focusing on key areas such as healthcare, education, livelihood support, renewable energy, promoting sports talent, supporting artists of India, wildlife conservation and other infrastructural development. The initiatives were spread across all states and union territories.
Muthoot Finance’s CSR activities also align with almost 12 of the United Nations Sustainable Development Goals (UNSDGs), including UNSDG 1 (No Poverty), UNSDG 2 (Zero Hunger), UNSDG 3 (Good Health and Well-being), UNSDG 4 (Quality Education) amongst many others. With education as one of the primary focus area, the company is proud to report that about 75% of its CSR budget was spent on bridging the educational gap for talented yet underserved children in the country. The initiatives included construction of new academic institution infrastructure, donation of school stationery, construction and renovation of Smart Anganwadis, higher education scholarships amongst others. Almost, Rs. 10 crores were spent on supporting sports activities and sportsmen to represent India in global events. Muthoot Finance further extended its support to a plethora of species of flora and fauna at Tipeshwar Wildlife Sanctuary and Melghat Tiger Reserve by installing solar pumps. This helps in combating challenges posed by climate change and providing consistent water supply throughout the year.
Mr. George Muthoot George, Deputy Managing Director, Muthoot Finance, said, “As a strong believer of the values and ethos of The Muthoot Group of giving it back to society, we are happy that we were able to make a small difference at our end in FY24. Aligned with our three focus areas – Education, Healthcare, and Environment – we are emphasizing on multiple initiatives to lay the groundwork for solving a myriad of various issues. The key objective behind our CSR initiatives is to be a catalyst for social development, contributing to sustainable economic growth of India, and further creating an Atmanirbhar Bharat. As a trusted NBFC, we will continue to prioritize programs and initiatives to enhance economic and social well-being, striving for a harmonious balance between corporate practices and community welfare.”
Under the series of these initiatives, some notable activities included:
- Healthcare: Muthoot Finance aims to contribute significantly towards strengthening India’s healthcare framework. As part of its flagship healthcare initiative – Muthoot Snehashreya, Muthoot Finance touched the lives around one-lakh beneficiaries by helping them with prevention and early detection of kidney-related diseases, diabetes, and hypertension ailments. Additionally, on the account of World Tuberculosis Day, Muthoot Finance in association with Samartha Sahakari Trust and Primary Health Centre Ekkur distributed nutritional kits to various identified TB patients in the Mangalore region. The company celebrated World Health Day by offering free health checkups and medical kits to the people at the bottom of the pyramid. Further, the company also distributed bunker cots and bed mattresses along with pillows to Government Annai Sathya Orphanage Home in Madurai. Distributed advanced microscopes to multiple government hospitals in Madurai with an objective of supporting the National TB Elimination and Control Program.
- Education: In association with Round Table India Association, established smart class facilities at seven identified Government Schools across Five Districts in TamilNadu benefitting more than 4000 students by radically improving their academic performance and enhancing the process of study. Provided Muthoot M George Higher Education Scholarship worth Rs. 10 crores to meritorious students pursuing professional degrees in MBBS, Engineering and BSc Nursing. In the 2023-24, Muthoot Finance recognised the academic achievements of more than a thousand students in 8th and 9th grade across key cities such as Bangalore, Chennai, Madurai, Mangalore, Mumbai, Delhi, Ernakulam, Kottayam and Alleppey. Muthoot Finance allocated more than Rs. 2 crores as part of school scholarships initiative.
- Promoting sports: This segment gained significant prominence during the year. The company provided financial backing to multiple young athletes including professional cyclist Mr. Sreenath Lakshmikanth, and Ms. Sini K Sebastian to represent the nation at various National and International Championships. Both of the athletes were able to achieve remarkable success at their respective events. Additionally, in association with FICCI, Muthoot Finance organized Corporate Sports Championship Kochi 2023 by bringing together over 20 leading corporate firms, including major players such as EY, TCS, Lulu Group, and Geojit Financial Services amongst others to foster sportsmanship and unity within the corporate sector. To support the future generation, Muthoot Finance has dedicated budgets for improvement of sports infrastructure of various schools and colleges across the country.
Improving quality of life: As part of this initiative, Muthoot Finance distributed wheelchairs, battery-operated tricycles and other medical mobility aids and appliance to over 200 differently abled people. It conducted across cities including Delhi, Dadar amongst others with an aim to support their livelihood and allowing them greater access to social life and community engagement. Built a Virtual Reality Interactive Therapy Unit (Blueroom/Sensory room) for the Centre for Empowerment and Enrichment (CEFEE) in Kerala to create equal opportunities for specially abled children. Sewing machines were donated to the persons with disability (hearing impaired) at Nandini Devi Special School for the Deaf & Blind Akhyam Kalyan Samiti Dhenkanal District, Odisha.
- Promoting arts and culture: Through our ‘Muthoot Snehasammanam’ initiative, the company supported 45 veteran artists who carry forward these unique cultural legacies since its inception in 2015. The programme provided essential financial assistance worth Rs. 27 Lakhs in FY24 and a cumulative spend of Rs. 70 Lakhs under this scheme so far.
- Sustainable Livelihood support: Successfully constructed and handed over the newest tranche of 14 houses under the CSR initiative of Muthoot Aashiyana Housing Project in the coastal suburb of Edavanakkad located in Kochi. Distributed fishing utensils to around 200 fisherwomen in Colachel, Kanyakumari District to improve their fishing activities, positively contributing to the socioeconomic development of the region.
- Environment: Installed solar pumps at Tipeshwar Wildlife Sanctuary and Melghat Tiger Reserve in collaboration with the Hope and Helping Hand Society NGO to safeguard natural ecosystems and wildlife habitats. Established a 25 KWp solar power plant in Kerala Museum to preserve the environment through sustainable manufacturing practices. Solar energy is contributing to 50% of the museum’s electricity requirements and is helping in saving Rs. 5 Lakhs every year. Set up a Bio Medical Waste Storage Room at Government Hospital, Madurai District to enable the hospital to effectively store, segregate and manage the bio waste accumulated on a daily basis.
