The Hindu Business Line
August 27, 2019
Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance Limited, has achieved a significant milestone with its AUM (assets under management) in the state Tamil Nadu alone crossing Rs.1,000 crore. This was accomplished by disbursing micro-finance loans to over 450,000 women members. Asirvad Micro Finance commenced operations in Tamil Nadu in 2008 and completed a decade of operations last year.
In a statement released to the media, Mr. V.P. Nandakumar, Chairman, said that the microfinance company’s foundation was laid in Tamil Nadu and today it has achieved an AUM of Rs.4,444 crore by rapidly expanding its business operations across 20 States and 3 Union Territories. Mr. Raja Vaidyanathan, Managing Director, stated that Asirvad Micro Finance achieved another milestone in August 2019 when it opened its 1,000th branch in Bihariganj in the state of Bihar.