Early Life and Family
George Thomas Muthoot was born on December 25, 1950, into the prominent Muthoot family in India. The Muthoot family has a rich history dating back to 1887, when George Thomas Muthoot's grandfather started a small trading business in Kerala. The family's roots are in the land-owning Syrian Christian community, who believe they are direct descendants of St. Thomas, one of the apostles of Christ. The Muthoot Group's early ventures included supplying rations to large British-run plantations.
Rise to Success
George Thomas Muthoot's career is intertwined with the growth of Muthoot Finance. Founded in 1939, Muthoot Finance has grown into India's largest gold loan NBFC under the leadership of George Thomas Muthoot and his brothers. The company's transformation from a modest trading business to a financial powerhouse is a testament to the family's business acumen. His contributions have been pivotal in expanding and diversifying the family business, particularly through Muthoot Finance, which offers gold loans and other financial services through its extensive branch network.
Key Business Strategies
Muthoot Finance's success is attributed to several key strategies. The company focuses on gold loans, offering quick financial solutions against gold jewelry. This focus has allowed Muthoot Finance to serve millions of customers across India through over 4,800 branches. The company has expanded its services to include money transfers and various loan products. The company has also emphasized customer-centricity and ethical practices, contributing to its strong market position.
Philanthropy
George Thomas Muthoot actively participates in philanthropy, channeling his efforts through the Muthoot M. George Foundation. This foundation supports numerous initiatives focusing on education, healthcare, and community development. The Muthoot Group's commitment to Corporate Social Responsibility (CSR) and individual social responsibility initiatives has seen investments of nearly 100 crores in related efforts.