New Delhi, Mar 15 (PTI) Muthoot Microfin on Friday announced foray in Telangana and will inaugurate four branches in the state during March in the first phase of expansion.

These branches will serve locations including Bhuvanagiri, Jangaon, Hanmakonda and Parakala, enhancing accessibility to financial services, the company said in a release.

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Subsequently, Muthoot Microfin plans to further establish branches in Andhra Pradesh by June 2024, reinforcing its commitment to advancing financial inclusion in the two states.

"In line with our growth strategy of increasing our distribution network and acquiring new customers, we will further expand our operations in Telangana. Soon, we will be entering Andhra Pradesh as well," said Sadaf Sayeed, CEO, Muthoot Microfin.

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Muthoot Microfin is a part of Muthoot Pappachan Group (also known as Muthoot Blue). It provides financial assistance through micro loans such as income generating loans to women engaged in small businesses.

The company has 3.28 million active customers served through 1,424 branches spread across 18 states and 346 districts.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)