Manappuram’s gold loan biz crosses 6k crore

Manappuram’s gold loan biz crosses 6k crore

Mumbai: Manappuram General Finance and Leasing Ltd (MAGFIL) has reported a quantum jump in its gold loan business to cross the Rs6,000-crore mark.

The company’s total gold loan outstanding as on 5 December, stood at Rs6,003-crore, a press release issued here on Tuesday stated.

It has increased by Rs3,447-crore as compared to the level of Rs2,556-crore that prevailed on 31 March, 2010, adding Rs3,447-crore from April 2010, the release said.

The company has also increased its nationwide branch network to 1,641, with the addition of 636 new branches during the current financial year.

Recently, CRISIL has enhanced the P1+ credit rating limit of the company to cover its short-term borrowings up to Rs2,000-crore.

Earlier, in July of this year, CRISIL had assigned its highest rating of P1+ for the company’s short-term borrowings programme up to Rs1,000-crore.