Saving in gold may be a feasible option for India's middle classes but it is inaccessible for millions of others. The concept of a gold linked micro-finance savings scheme (Swarna Varsham scheme) was initiated by the Muthoot Pappachan Group in association with the World Gold Council with the objective of improving consumers’ access to good quality gold via affordable financing options . Under the Muthoot Pappachan Group scheme, consumers can walk into their local service provider office, book gold at the current price, make an initial payment of 10-15% and pay the balance via installments, over a period of 12/18/24/36 months.
Swarna Varsham promotes thrift among less affluent sections of society. It is actively promoted amongst the customers of Muthoot Pappachan Group's Sthreejyoti women's empowerment programme as a unique move to encourage investment and the savings habit amongst grassroots level women entrepreneurs. Currently, the customer base of this scheme exceeds 150,000 consumers.