Asirvad Micro Finance Limited, a subsidiary company of Manappuram Finance Limited, has achieved a significant milestone of Rs 5,000 crore in assets under management (AUM).
In a statement released to the media, Mr Raja Vaidyanathan, Managing Director, said that Asirvad has taken the route of multi-state business operations to achieve this milestone. The company is rated AA-/Stable by CRISIL, the highest credit rating in the MFI sector.
Mr V. P. Nandakumar, Chairman of Asirvad, said, “Asirvad has continuously improved its risk management practices by increased automation and digitisation, in line with our objective to offer our services to clients at a competitive rate.”
Asirvad caters to over 21 lakh women members through its 1,037 branches network spread across 314 districts in 23 States. It has a well-diversified portfolio, with AUM of exceeding INR 200 crore and more than 1 lakh members in 10 states. It has recently upgraded its entire operations through the e-onboarding process of clients at their doorstep. According to Mr Vaidyanathan, after the upgradation, Asirvad aims to reduce the turn-around time to less than five days for its loan offering services. Further, the entire loan documentation process of the company is now digitised.
Asirvad Micro Finance was acquired by Manappuram Finance Limited in February 2015. At the time, the company’s AUM was around Rs.300 crore.