The Muthoot Pappachan Group, with a reputation that has been shaped over decades with high quality practices, total customer satisfaction and steady growth, spanning over decades in the field of business, is a legacy built on God-given values of trust, truth, transparency and tradition and has become one of the top business houses today by the grace of God.
Muthoot takes its name from its Family, which is a branch of a traditional Orthodox Christian family, based in Kozhencherry, a small town in the erstwhile primary state of Travancore. (Kerala). In the year 1887, Muthoot Ninan Mathai (Patron Founder of the group), started in a humble way as a retail and whole-sale trader of grains at Kozhencherry. These wholesale goods were mainly supplied to the large Estates owned by British Companies. Later, understanding the unmet saving needs of the estates workers, Mr. Ninan Mathai, started the Chit Funds business on a philanthropic motive, as an avenue for saving. Initially, it was started solely for the workers, but later was floated outside the estate. The business grew slowly but steadily along with its share of ups and downs.
Functioning out of a single office in Kozhencherry, Muthoot Ninan Mathai entered the gold loan business in the 1950’s. He soon went on to become the largest player in Chits & Gold Loans. Various people across Kerala came to Kozhencherry for gold loan & chits.
The Late Muthoot Ninan Mathai had four sons, Ninan Mathew, M. George, M. Mathew and Mathew M. Thomas (Muthoot Pappachan) who were involved in the business from their childhood and later took over the family business.
The family partition took place in the year 1979 which led to the Genesis of Muthoot Pappachan Group (MPG), the founder of who was the Late Mathew M Thomas popularly known as Muthoot Pappachan. Though the different Muthoot Groups are into the same businesses, there exists an excellent relationship as well as a healthy competition among the cousins.The three sons of Late Muthoot Pappachan are Thomas John Muthoot (Chairman & Managing Director) Thomas George Muthoot (Director) & Thomas Muthoot (Executive Director) who presently manage the Group.