Reportedly the management of Muthoot Finance Ltd announced through newspaper advertisements on Wednesday that it will be closing 15 of its branches in the state of kerala with immediate effect. Meanwhile although the reason for the closure has not been stated, the decision from the management comes at a time when the indefinite protest by an employees’ union in the company entered its 16th day on Wednesday.
Furthermore the employees union of Muthoot Finance, under the banner of Non-Banking and Private Finance Employees Association (NPFEA) had begun an indefinite protest against the management on August 20, regarding several issues such as a basic hike in salary, lack of proper allowances and denial of proper bonus among other issues. Further the 15 branches of the company which will be closed from September 4 are the Kathrikadavu, Panangadu, Kangarappady, Ponnarimangalam branches in Ernakulam district, Ulloor and Peringamala branches of Thiruvananthapuram district, Punalur, Kottarakkara and Bharanikavu branches of Kollam district, Thengana branch in Kottayam, Kumily branch in Idukki, Pathiripala and Sultanpet branches of Palakkad district, Changuvetty and Down Hill branches in the district of Malappuram.
Moreover the management announced that no fresh gold loans will be granted at the above mentioned branches from September 4 onwards and that arrangements that have been made for the closure of loans/release of gold ornaments pledged will be individually intimated to the respective customers.
