In the year 1887, Muthoot Ninan Mathai (Patron Founder of the group), started humbly 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 unmet saving needs of the estates’ workers, Mr. Ninan Mathai, started the Chit Funds business with an aim to provide philanthropic services and give the workers an avenue for saving. What started as a saving tool for workers soon gained momentum and was floated to other residents of the estates. The business grew slowly but steadily along with 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.
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.
The family partition took place in the year 1979 which led to the genesis of Muthoot Pappachan Group (MPG – Muthoot Blue), the founder of who was the Late Mathew M Thomas popularly known as Muthoot Pappachan.
Currently Muthoot Blue has around 27,000 employees, serving millions of customers through its over 4,200 branches across the country. Our customer-centric approach and innovation in terms of new products & services that cater to changing needs of the customers at the lower levels of socio-economic pyramid, 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 forms the backbone of the Group.
Visit the Muthoot Pappachan Group website to know more: www.muthoot.com
Driven with the commitment to society, the Group set up a Public Charitable Trust – Muthoot Pappachan Foundation, 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.