Muthoot Finance launches Snehasammanam offering Financial assistance to distinguished Artists

Chennai, March 21, 2022: Muthoot Finance, India’s largest gold loan NBFC Company launched the Muthoot Snehasammanam initiative in Chennai providing financial assistance in the form of a monthly pension scheme to selected distinguished artists, writers, their widows and other dependents who may be facing indigent circumstances for sustaining their lives. This is a part of their ongoing CSR initiatives on the account of Remembrance Day of Shri. M. G. George Muthoot. An event was held at Hotel Gokulam Park in Ashok Nagar, Chennai. It was inaugurated by Chief Guest - Mr. A. M. V. Prabhakar Raja, MLA, Virugambakkam and further presided over by Mr. Sareesh R - Zonal Manager, Tamil Nadu North Zone, Muthoot Finance and the artists were provided with the first disbursement amount.

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Muthoot Snehasammanam is a CSR initiative by Muthoot Finance that was launched in 2015 to uplift and provide much needed support to senior artists and performers who are unable to continue performing in their respective fields because of various factors. As often artists struggle financially or face many battles because of factors like age and illness, their aim is to provide the financial support they seek and reward them for their contribution to the field.

During the period from 2015 to 2021, Muthoot Finance has allocated and disbursed a cumulative spend of Rs. 70, 31,000 /- towards the scheme. Several artists from various fields have been benefitted as part of the initiative over the span of six years. In the upcoming years, the company plans to revise the annual outlays higher considering the social impact of the noble cause and enlist more beneficiaries under the scheme.

Speaking about the CSR initiative, Mr. Sareesh R - Zonal Manager, Tamil Nadu, North Zone, Muthoot Finance, said- “Art contributes to the culture of our nation in a major way. Often the contribution made by artists is undervalued which adds up to the financial struggle that they end up facing in their journey, besides other barriers. At Muthoot Finance, we aim to uplift the artists, while also shedding light on the importance of art in our lives. This is in continuation to our ongoing CSR initiatives on the account of Remembrance Day of Shri. M. G. George Muthoot. A visionary in the industry, he always recognized the importance of art and believed in supporting the artists.”

Speaking on initiative, Mr. A. M. V. Prabhakar Raja, MLA, Virugambakkam, the Chief Guest at the event said, “The pandemic has affected the lives of everyone in some way or the other. During such catastrophes, the structure of the arts and cultural industry leaves working artists and performers particularly vulnerable. With the continuous lockdowns and a slow recovery rate, artists have faced many challenges wherein a vast majority of them have likely lost some or all of their income, not to mention losing the institutions on which they depend to earn their living. I commend Muthoot Finance to provide them the much needed support they require through their Snehasammanam initiative.”

Muthoot Finance had initiated a month-long thread of CSR initiatives all across India, aimed at addressing the needs of the underprivileged, on the account of the Remembrance Day of Shri. M. G. George Muthoot. Aiming to impact the lives of 10,000 people, these initiatives include housing for the underprivileged (under the flagship Muthoot Aashiyana Housing Project), support for differently-abled people (under the patronage of Snehasancharini Project), providing healthcare facilities, scholarships to deprived and deserving students, sustainable livelihood support to migrant labourers and contributing towards the Swachh Bharat Mission.

About Muthoot Finance: Muthoot Finance is the flagship company of The Muthoot Group which has 20 diversified business divisions. With 5000+ branches, the Group serves over 2.5 Lac customers every day. Muthoot Finance is India’s largest gold loan NBFC and India’s No.1 Most Trusted Financial Services Brand, according to the Brand Trusted Report. It is a reputed ‘Systemically Important Non-deposit taking NBFC’. As part of the core business, Muthoot Finance provides loans secured against household gold jewellery at highly affordable rates and amazing product features. Globally, the Group has presence across, USA, UK, UAE, Costa Rica, Nepal and Sri Lanka. For more details please visit: www.muthootfinance.com 

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