Muthoot Finance Starts Mobile Surveillance Squads

Muthoot Finance in the wake to tighten the security in their branches during night time has set up Mobile Surveillance Squads which will be visiting the branches under clusters.

As the gold loan Non Banking Finance Companies are holding customers gold in their branches, there is always threat of robbery. Also, the services of night watchmen is of little help as the robbers come in groups fully armed and they cannot resist their attempts. To combat the situation, the companies have also installed burglar alarms in their branches. However, due to the location of the branches, even when the alarm triggers, reaching the spot on immediate basis is difficult.

Hence with a view to prevent such break ins, Muthoot Finance is starting a new arrangement of Mobile Surveillance squads which will be visiting the branches under clusters during night time.

Mr. George Alexander Muthoot, MD, Muthoot Finance Limited said, “At Muthoot Finance, we constantly focus to adher to the highest standards of security. With the setting up of the mobile squads, our security systems will reach to new levels which will enable us to control the instances of thefts.”

In the first phase, the operations of the mobile surveillance squads will be commencing from September 01, 2015 for the branches located in Kerala and Tamil Nadu where 98 teams will be monitoring 1,371 branches of Muthoot Finance. In the next phase the system will be extended to Karnataka, Andhra Pradesh and Telengana also.

The three member team will be assigned a cluster of branches. The mobile squad will move aournd the branches in a four wheeler and check the surrounding for security purposes. The two guards and the driver of the vehicle have been given basic training for effective security work. Apart from this they will also respond to emergency calls relating to the branches. The vehicles used by the Mobile squads are fixed with GPS system which will help in tracking their movements.

The advanced alarm systems installed in the branches will be activated even by the slightest movements of people inside and outside the branches which will automatically trigger the alarm. The Central Monitoring Centre of this alarm will instantaneously alert the Control Room which monitors the movements of the mobile squads who will will alert the squad of that particular cluster which will immediately rush to the branch within minutes and will be able to prevent the attempts by criminals. This system will also help in preventing thefts and other offences in the night as they will be moving watchfully and will be alerting the Police of any suspicious movements and activities.

About Muthoot Finance Limited:

Muthoot Finance Limited is the largest gold financing company in India in terms of loan portfolio. The company is a “Systemically Important Non-deposit taking NBFC” headquartered in the southern Indian state of Kerala.

Operating history of Muthoot Finance has evolved over a period of 74 years since M George Muthoot (the father of our Promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887.

The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.

Company is listed on both National Stock Exchange and Bombay Stock Exchange.