Muthoot Finance to shut down 43 branches

According to him, the board of directors took the decision and the company has approached the Reserve Bank of India (RBI) seeking permission to wind up the branches.

Published: 10th September 2019 03:09 AM  |   Last Updated: 10th September 2019 03:09 AM   |  A+A-

Labour Minister T P Ramakrishnan chairs a discussion in Ernakulam on the Muthoot labour dispute (Photo |EPS)

By Express News Service

KOCHI: Blaming the Home Department and the government for not taking appropriate action against the protestors disrupting the functioning of the branches, MG George Muthoot, managing director of Muthoot Finance Ltd, on Monday said the management has decided to close down 43 branches in the state, which are found to be strategically unimportant.

According to him, the board of directors took the decision and the company has approached the Reserve Bank of India (RBI) seeking permission to wind up the branches. Several similar branches in Kerala, which are strategically not important, will be identified and closed down if their functioning continues to be disrupted by external elements. “The issues are created by only a few employees with the support of the trade union. Most of the employees are willing to work. The Kerala High Court had also directed the state police to provide adequate protection to the employees who are willing to work, but nothing has happened,” George said.

“It is not the labour issue that is posing difficulty in the smooth functioning of the branches. The issue is that of law and order, which has to be addressed by the Home Ministry and not the Labour Department. The police are not providing any help. Had the police given adequate protection, most of the branches would have functioned smoothly,” he said. “Muthoot Finance is compliant in respect of all statutory regulations. If there’s violation of employee-related regulation, government should take administrative measures rather than allowing external forces to stop daily work of employees,” said George.

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