Muthoot Microfin raises it budget 40% to counter AI threats
Muthoot Microfin just bumped its IT budget by 40% to fight off a wave of new AI-powered cyber threats hitting financial companies.
CEO Sadaf Sayeed says investing in their private cloud is key to keeping customer data safe, especially after a government warning about the "CRAFTY FALCON" threat actor that targets system weaknesses for unauthorized transactions.
Muthoot Microfin eyes ₹17,000 cr FY27
The company is also seeing big changes in rural India, where more people want better nutrition and quality products, something Sayeed links to growing use of formal credit from government financial-inclusion initiatives and the expansion of banks, microfinance institutions, and fintech companies into underserved markets.
With 3.2 million clients (and most using digital apps), Muthoot Microfin's assets jumped 22% in a year to ₹15,322 crore.
Their next goal? Hitting ₹17,000 crore by FY27 through tech upgrades and expanding their digital reach.