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Muthoot Finance closes 200 Kerala branches because of "law and order situation"

Updated : September 25, 2019 12:16 PM IST

200 branches of Muthoot Finance have been closed in Kerala due to law and order situation in the state, said George Alexander Muthoot, MD of the company.

Muthoot Finance is facing protests by a section of employees demanding revised salary structure and other benefits in Kerala. The strike has entered its second month.

The company has 611 branches in Kerala, out of which, more than 400 branches are fully working, said the MD.

“About 200 branches have been forcefully closed not by the striking employees but it is more a law and order situation. It is the Centre of Indian Trade Union (CITU), which is maybe sending its own people, to prevent willing workers from opening the branches,” said Muthoot, adding that only very few people in the company are actually on strike.

He further added that the business in Kerala is less than 4 percent of the total business. “We have given the notice to close down 43 branches and the total business from that is about Rs 100 crore, which is not even 3.3 percent of the business.
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