Date:30/03/2005 URL: http://www.thehindubusinessline.com/2005/03/30/stories/2005033002010600.htm

Back Padmakumar joins Muthoot group

Our Bureau

Kochi , March 29

MR K. P. Padmakumar, former Chairman of Federal Bank, has joined the Rs 300-crore net worth Muthoot group as Executive Director and CEO of the Financial Services Division.

Addressing a press conference here, Mr George Alexander Muthoot, Managing Director, said: "The vast experience of Mr Padmakumar in the banking sector and his impeccable track record as a professional would be of immense help to the group."

Reiterating that bad days for NBFCs are over, Mr Padmakumar said that banks could just cater to 40 per cent of credit requirements of trade with the rest coming mainly from the NBFCs. The future of NBFCs looked very bright, he added.