Utilisation Certificate as specified in sub-regulation (7) of regulation 52
9th floor,
No 9, Club House Road, Anna Salai,
Chennai-600002,
Tamil Nadu.
Tel: 044-35298100
2nd Floor,
W-4/638, A Manappuram House,
P.O Valapad, Thrissur
Kerala-680567,
India .
1 800-309-3055
May 21, 2021 : Asirvad
Microfinance Ltd. Raises US$ 15
Million Loan from WorldBusiness
Capital
December 31, 2019 : Asirvad Micro
Finance crosses Rs.5,000 crore in
AUM
August 28, 2019 : Asirvad achieves
Rs 1,000-cr AUM in Tamil Nadu
April 3, 2019 : Manappuram
infuses ₹264 cr in Asirvad
January 9, 2019 : Asirvad Micro
Finance securitises MF portfolio
December 13, 2018 : Asirvad
Microfin AUM touches ₹3,000 crore
Dr.Adinadh K R is the chief digital officer and chief information security officer of our Company. He is a qualified Certified Information System Auditor (CISA) from ISACA.He holds a bachelor’s degree in technology from Mahatma Gandhi University, India and a master of engineering degree in computer science and engineering from Anna University Coimbatore, India. He also holds a doctor of philosophy degree in computer science and engineering from Karpagam Academy of Higher Education, India and is certified as a red hat certified engineer by Red Hat Inc. He joined our Company on June 1, 2020 and he was appointed the chief technology officer on May 14, 2021. Thereafter, he was redesignated as the chief digital officer on October 6, 2022 and was later assigned the additional responsibility of chief information security officer on March 10, 2023. His key functions and areas of experience in the Company include cybersecurity and data privacy, technology and innovation, digital marketing and customer acquisition. He has previously worked as the vice president of information technology for the IT product development and delivery department of Manappuram Comptech and Consultants Limited and as the assistant professor in computer science and engineering at the SNM Institute of Management and Technology, India.
Mr. Satheesh Kumar Chalasani having over 19 years of experience in microfinance sector with a varied skill base in the field of Portfolio Management Risk Analytics and Management Project Management Risk Assessment/Quantification and Business Process Re-engineering.He holds a bachelor’s degree in science from Andhra University India. At Asirvad He joined our Company on January 7, 2019 and he was appointed the chief operating officer of our Company with effect from April 1, 2023. Subsequently he was appointed as the Chief Risk Officer of our Company on November 11, 2023. His key functions and areas of experience in the Company include formulation of risk management policy devising strategies for control and mitigation of risk and risk vetting of operational guidelines.
Basavraj Shetty is the Chief Investor Relations Officer of our Company. He holds a bachelor’s degree in science (Technology) from the Institute of Chemical Technology, Mumbai, India, and Post Graduate Diploma in Business Management from the University of Mumbai, India. He has previously worked with Mirae Asset Mutual Fund, JP Morgan, Centrum, etc. He has more than 19 years of experience in the industry.
Jiji Joseph is the internal auditor and head of internal audit of our Company. She holds a bachelor’s degree in commerce from University of Calicut, India and is an associate member of the Institute of Cost and Works Accountants of India. She holds a diploma in information system security audit from the Institute of Cost Accountants of India. She joined our Company on October 11, 2022 and has been appointed as the head of internal audit with effect from May 9, 2023 for a period of 3 years, i.e., until May 8, 2026. She has previously worked as the chief manager for compliance department of our Promoter, MAFIL and was also associated with the Kerala Institute of Local Administration. Her key functions and areas of experience in the Company include internal audit planning and control, audit execution and reporting, and fraud detection and prevention. As she was appointed a Senior Management Personnel in May 2023.
Sugesh Ram K S is the Chief Compliance Officer of our Company. He holds a bachelor’s degree in Arts from University of Calicut and a bachelor’s degree in Law degree from Bangalore University. He also holds a diploma in journalism from the Symbiosis, Pune. He is a Company Secretary and has been an associate member of the Institute of Company Secretaries of India. He joined our Company on December 1, 2021 and has been appointed as the Chief Compliance Officer on August 1, 2022. His key functions and areas of experience in the Company include regulatory compliance, compliance monitoring and reporting and compliance investigations and remediation. He has previously worked as the group company secretary of Chemmanur Gold Palace International Limited and company secretary of Tattva Fincorp Limited, Manjilas Food Tech Private Limited and Kerala Enviro Infrastructure Limited.
Joshy K G is the chief technology officer of our Company. He has cleared the final examination conducted by Institute of Chartered Accountants of India. He holds a certificate for the completion of the managerial effectiveness programme for senior executives of MAFIL from Indian Institute of Management, Kozhikode, India and a NPTEL online certification for the blockchain architecture design and use cases from Indian Institute of Technology, Kharagpur, , India. Further, he has completed the certified cyber warrior course by International Institute of Information Technology, Bangalore, India and is a certified professional of MLAI. He has also passed the information security management systems auditor/lead auditor training course by BSI Training Academy, India. He joined our Company on March 10, 2022. His key functions and areas of experience in the Company include technology strategy, system architecture, information security and technology compliance. He has previously worked as the general manager and the head of information technology department of our Promoter, MAFIL.
Muthu Bhaskar is the business head of the gold loan business of our Company. He holds a bachelor’s degree in commerce from Mahatma Gandhi University, Kottayam, India. He also holds a master’s degree in business administration from Sikkim Manipal University, India. Further, he has completed a certificate programme in leadership and change management from Indian Institute of Technology, Tiruchirappalli, India and a leadership and management certificate program from Wharton School, University of Pennsylvania, USA. His key functions and areas of experience in the Company include management of gold loan business vertical, execution of strategy for business development and opening of gold loan branches. He has previously worked as the general manager in the operations department of our Promoter, MAFIL. He joined our Company on June 1, 2020.
Aparna Menon is the Company Secretary and Compliance Officer of our Company. She is an associate member of the Institute of Company Secretaries of India. She holds a bachelor’s degree in corporate secretaryship from Bharathiar University, India. She has completed a certificate course on securities law conducted by the Institute of Company Secretaries of India and an online programme on “Private Equity – Investing and Creating Value” conducted by BSE Institute Limited, India. She has previously worked as the senior manager of the secretarial department of our Promoter, MAFIL and as the company secretary of Prestige Mysore Retail Venture Private Limited. She has also worked with J.P. Morgan Services India Private Limited. She joined our Company on October 27, 2020.
Rajesh K R N Namboodiripad is the Chief Financial Officer of our Company. He holds a bachelor’s degree in commerce from University of Mumbai, India and a post graduate diploma in fintech from Birla Institute of Technology and Science, India. He is an associate of the Institute of Chartered Accounts of India and has completed the online executive education programme in ‘data analytics’ conducted by Indian Institute of Management, Rohtak, India. He holds a certificate in ‘credit skills for bankers’ presented by Moody’s Analytics and a certificate from the Indian Institute of Banking and Finance for passing the certificate course on non-banking financial companies. He has previously worked as the general manager of internal audit of our Promoter, MAFIL. He joined our Company on December 1, 2021.
Chintha Prasad Chintha Prasad is the chief executive officer of the MFI segment of our Company. He holds a bachelor’s degree in commerce from Acharya Nagarjuna University, India. His key functions and areas of experience in the Company include achievement of asset under management growth, budget management and operations and control. He has previously worked as the assistant general manager of the operations department of our Promoter, MAFIL. He joined our Company on December 4, 2019, and was appointed the chief executive officer – MFI with effect from April 1, 2023.
Shyju K is the head of human resources of our Company. He holds a master’s degree in Arts from University of Kerala, India. He has previously worked as the senior deputy general manager of the human resource management department of our Promoter, MAFIL. He joined our Company on July 24, 2023 and was appointed the head of human resources on August 7,2023. His key functions and areas of experience in the Company include recruitment, transfer and promotion of employees and employee training. As he joined our Company on July 24, 2023.
She is an Independent Director of our Company. She holds a diploma (honours) in personnel management and industrial relations from Xavier Labour Relations Institute, Jamshedpur, India. She has previously served as the chief people officer at Gaja Advisors Private Limited and has served on the board of directors of several companies including Bandhan AMC Limited, SV Edusports Private Limited, BMR Business Solutions Private Limited, and Manpower Group Services India Private Limited.
She is a Non-Executive and Non-Independent Director of our Company. She holds a bachelor of medicine and bachelor of surgery degree from Rajiv Gandhi University of Health Sciences, Karnataka, India and a master of surgery degree in obstetrics and gynecology from Sri Ramachandra University, Chennai, India. She is also a registered practitioner with the Travancore-Cochin council of modern medicine. She has previously worked as a senior registrar in the department of gynecology and obstetrics in KIMS Hospital, Kochi, India.
Blangat Narayanan Raveendra Babu is the Managing Director of our Company. He holds a master’s degree in commerce from University of Calicut, India. He has completed the executive development programme on equity and commodity derivatives by Dun and Bradstreet and the ISMS lead auditor training course. He has previously worked with Blue Marine International, UAE and our Promoter, MAFIL. He has served on the board of directors of several companies including Manappuram Construction and Consultants Limited, Manappuram Jewellers Limited, Manappuram Chits (India) Limited and Manappuram Insurance Brokers Limited.
He is an Independent Director of our Company. He holds a bachelor’s degree in arts from University of Calicut, India and master of arts degree in economics from University of Bombay, India. He has previously served on the board of directors of several companies including Federal Bank Limited, Fedbank Financial Services Limited, Experian Credit Information Company of Indian Private Limited and Avanti Home Solutions Private Limited.
He is an Independent Director of our Company. He holds a bachelor’s degree in technology with first class honours in electronics and electrical communication engineering from Indian Institute of Technology, Kharagpur, India and a post graduate diploma in management from Indian Institute of Management, Calcutta, India. He has previously worked with Citibank N.A., India as the managing director – chief financial officer and has served on the board of directors of several companies including Citicorp Finance (India) Limited, Citicorp Services India Private Limited, IDFC First Bank Limited, IndiaFirst Life Insurance Company Limited, WIPRO Technology Services Limited.
He is an Independent Director of our Company. He holds a master’s degree in science from University of Calcutta, India and a master’s degree in management science from Texas Christian University, USA. He has previously worked with the ‘merchant banking’ division of Standard Chartered Bank, India and as a non-executive member of the credit committee of the FirstRand Bank, India. He was previously associated with the financial services business at the Aditya Birla Group and Bank of India. He has served as the director-in-charge of vocational service avenue of service of the Rotary Club of Bombay and has previously served on the board of directors of several companies including GIC Asset Management Company Limited, the Indo American Chamber of Commerce, Aditya Birla Nuvo Limited, Spykar Lifestyles Private Limited, Aditya Birla Sun Life AMC Limited, LIC Mutual Fund Asset Management Limited, QSK Advisory Private Limited.
She is an Independent Director of our Company. She holds a bachelor’s degree in law from Madras Law College, India. She is a senior advocate at the Madras High Court. She is on the board of directors of several companies including Shiksha Financial Services India Private Limited, Southern Veneers and Woodworks Limited, Mayabandar Doors Limited and The Western India Plywoods Limited.
He is an Independent Director of our Company. He holds a bachelor’s degree in arts from University of Delhi, India. He is a former member of the Indian Administrative Service. He has also worked as the managing director of INKEL Limited, and as the chairman and managing director of Kerala High Speed Rail Corporation Limited. He has previously served on the board of directors of several companies including INKEL-EKK Roads Private Limited, Cheraman Infrastructure Private Limited, Kerala State Mineral Development Corporation Limited, and Travancore Titanium Products Ltd.
He is an Independent Director of our Company. He holds a bachelor’s degree in science from Himachal Pradesh University, India, a master’s degree in business administration from University of Delhi, India and a post graduate diploma in marketing and sales management from Board of Technical Education, Delhi, India. He is a certified associate of the Indian Institute of Bankers. He has previously worked as the managing director and chief executive officer of Credit Analysis and Research Limited and has served on the board of directors of several companies including Axiscades Aerospace & Technologies Private Limited, L&T Financial Consultants Limited, ITI Mutual Fund Trustee Private Limited, and Metropolitan Stock Exchange of India Limited.
He is an Independent Director of our Company. He holds a master’s degree in business administration from University of Madras, India and has completed a three-month post graduate level study programme in ‘development banking/training for trainers’ from Victoria University of Manchester, United Kingdom. He has previously served as the chief general manager at the National Bank for Agriculture and Rural Development and has previously served on the board of directors of several companies including Vedika Credit Capital Ltd, Five Star Housing Finance Private Limited, Unnati Finserv Private Limited, Hindusthan Microfinance Private Limited, and Adhikar Micro Finance Private Limited.
He is a Non-Executive and Non-Independent Director of our Company. He is qualified chartered accountant. He is the managing partner of Pachira Financial Services LLP. He has previously served as the managing director of AA Indian Development Capital Advisors Private Limited, associate director of India Liasion Office of American International Group, Inc, vice president of ‘merchant banking’ division of S.S. Kantilal Ishwarlal Securities Private Limited and has also worked with Stewart and Mackertich Investment and Financial Services Limited and Lovelock & Lewes. He is on the board of directors of several companies including Manappuram Home Finance Limited and ZIM Health Technologies Limited and has previously served on the board of directors of several companies including our Promoter, MAFIL, ZIM Laboratories Limited, Seed Infotech Limited, Barflex Polyfilms Private Limited and Numero Uno Clothing Limited.
He is a Non-Executive and Non-Independent Director of our Company. He holds a bachelor’s degree in technology from Indian Institute of Technology, Madras, India and a post-graduate diploma in management from Indian Institute of Technology, Calcutta, India. He is an associate of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India. He has previously served on the board of directors of several companies including Gradatim I.T. Ventures (India) Private Limited, Voicegear Network Technologies Private Limited, Pronto Franchising Private Limited, Growth Street Venture Partners LLP, and Microplex Private Limited.
He is the Managing Director of our Company. He holds a master’s degree in commerce from University of Calicut, India. He has completed the executive development programme on equity and commodity derivatives by Dun and Bradstreet and the ISMS lead auditor training course. He has previously worked with Blue Marine International, UAE and our Promoter, MAFIL. He has served on the board of directors of several companies including Manappuram Construction and Consultants Limited, Manappuram Jewellers Limited, Manappuram Chits (India) Limited and Manappuram Insurance Brokers Limited.
He is the Chairman and Non-Executive and Non-Independent Director of our Company. He holds a bachelor’s and a master’s degrees in science from University of Calicut, India. He is currently the managing director and chief executive officer of our Promoter, MAFIL. He is on the board of governors of IIM Kozhikode and has previously served on the board of directors of several companies including Lions Co-ordination Committee of India Association, Aptus Value Housing Finance India Limited, Equitas Holdings Limited and Five Star Business Finance Limited.
Neena K P is the CHRO of Asirvad Micro Finance Limited. She holds Post Graduate Diploma in Labour Law and employee relations & Human Resource Management and is an MBA graduate also.
Before joining AMFL, she has been associated with Manappuram Finance Limited as HR Head since 2018 and was responsible for entire HR function of the Company with over 27,000 employees spread across the country and she has 23 years of experience in different verticals including operations and administration.
Nandagopalan G is a Post Graduate Diploma in Personnel Management and also had qualifications in CAIIB and a bachelor’s Degree in Commerce. He had more than 42 years of successful service in leading private sector Bank with wide experience in major verticals (Branch Banking, Audit, HR, Credit Underwriting (SME as well as Large Corporate) in all geographies. i.e. Rural(Kerala), Semi-Urban/Urban (Kerala, Tamilnadu, Andhra Pradesh), and Metros (Delhi, Chennai, and Mumbai).
2.The Borrower confirms that the stones fixed in the pledged gold ornaments/items, if any, do not have any market value and that the said gold ornaments /items is/ are the absolute and unencumbered property of the Borrower and no other person has any right, title, interest or claim thereon.
3.The Borrower confirms that all particulars/details given in the applications are true and correct and no information has been suppressed/ withheld. The Borrower acknowledges that the Company shall have no liability for any consequence arising out of any erroneous/misleading details provided by the Borrower for which the Borrower shall be solely liable. The Company may sanction, at its sole discretion, loans of such amount, as the Company may deem fit, for such purpose(s), as set out in the application form.
4.The Borrower shall pay interest at the rate specified in the Pawn ticket and incidental charges as applicable to the loan. When interest is not paid at monthly intervals, the interest shall be compounded on a monthly basis. Interest will be calculated on the basis of 365 days a year on the amount outstanding. If the loan is not repaid on demand within the loan tenure, as specified in the pawn ticket, the Company shall have the right to levy overdue interest @3% P.A after expiry of the loan tenure, as specified in the pawn ticket on the amount of loan plus interest in default. Interest will be payable from the date of the loan till the account is closed, both dates inclusive.
5.The loan is based on the weight, purity, and existing market value of the Gold.
6.The Company will make only a preliminary verification of the Gold and the Company has the right to further check the purity / weight of the Gold internally or by experts at any point of time if required, at the Company’s sole discretion, at the cost and expense of the Borrower. The Company shall, at its discretion, have the right to open the packets, melt all or any portion of the Gold, at any time during the currency of the Loan.
7.Notwithstanding anything mentioned herein, the Borrower shall repay the entire dues/outstanding under the Loan including principal, interest, and other charges, immediately on demand, if the Company observes, after verification internally or by experts, that the whole or part of the Gold is not of the prescribed weight / purity or if the title of the Borrower to the Gold is found defective or if the same is disputed by any other person. The certificate issued by the Company stating the exact grams of the gold after translating the same to 22 carats is based on the preliminary verification made at the time of granting the loan and may be treated as provisional and not final.
8.The period of Loan is as mentioned in the pawn ticket and the Borrower is required to repay the loan along with interest on or before the completion of loan tenure, as specified in the pawn ticket from the date of disbursement. However, the Borrower shall have the option to foreclose the loan at any time during the currency of the loan by paying the principal loan amount along with interest and other Incidental charges as applicable to the loan. Similarly, the Company may, at its sole and absolute discretion, have the right to further extend the tenure of the loan for such periods, but not exceeding one year from the date of disbursement of the loan. Borrower can also make part payments of principal or interest at any time during the currency of the loan. Pre-payment charges, if any, will be mentioned in the pawn ticket. Notwithstanding anything mentioned herein, the Company shall be entitled to recall / cancel the Loan at any time at its discretion without assigning any reasons and thereafter the Dues shall immediately become payable to the Company.
9.The postage charges, as revised from time to time at the discretion on the Company, shall be recovered from the respective account.
10.If full repayment of the loan, along with interest and charges, is not made within the period of the loan (as specified in the pawn ticket) or within such period as demanded by the Company, the Company shall have the right to sell or otherwise dispose of the Gold through public auction at the risk and cost of the Borrower. The Borrower, out of his/her free will, authorizes the Company to dispose of the Gold by public auction at any time after 2 weeks from the date of notice to the Borrower at the given address and adjust from the net proceeds of such sale, all amounts, including interest and other charges, due to the Company in respect of the loan. If there is any surplus on such sale, the Company shall have the right to appropriate such surplus towards any other liability of the Borrower, solely or jointly with others, on any account whatsoever, to the Company at any of its offices. The net surplus, if any, after such appropriation, shall be refunded to the Borrower within 30 days of auction. In case of any shortfall after disposal of the Gold, the Company shall have the right to resort to legal proceedings against the Borrower to recover the shortfall.
11.Notwithstanding anything referred above, if the Company is convinced, at its sole discretion, that the estimated realizable value of the gold at any time is less than the total amount due by way of principal, interest and other charges on this loan or on any other loans availed by the Borrower at any of the branches of the Company or there exists any other circumstance, which in the sole opinion of the Company, is prejudicial to the interest of the Company, the Company reserves the right to sell the gold by public auction at any time during the currency of the loan after serving a registered notice to the Borrower.
12.Further, the Borrower understands and acknowledges that the Company shall subject to auction, all accounts remaining fully or partially unsettled after expiry of the loan tenure, as specified in the pawn ticket or otherwise. The Company shall intimate the Borrower by registered letter or courier service or SMS or telephone or personal intimation or e-mail or any other mode of communication its intent to subject the Gold to public auction well before the proposed auction date. The auction shall be conducted as per the guidelines issued by the concerned Regulatory Authorities from time to time. The list of accounts subject to auction along with the date and venue for auction shall be displayed at the concerned branch of the Company and on the Company Website and shall also be published as per the guidelines issued by the concerned Regulatory Authorities from time to time.
13.In the event of loss of pledged Gold due to theft, burglary or for any other reasons from the custody of the Company, the liability of the Company shall be limited to replacing the lost Gold with equal net weight as mentioned in the loan application form / pawn ticket.
14The Company shall have the right to exercise lien on the Gold offered as security for this loan to secure the repayment of any other liability of the Borrower to the Company, which is due and payable, until such other liability is also fully settled. Exercise of such lien will be duly intimated to the Borrower by letter, courier service, email, SMS, telephone or any other mode of communication.
15.The Company may effect changes prospectively in the interest rate, charges etc. after due intimation to the Borrower. The Borrower undertakes to settle the loan within 7 days of the date of such intimation in case the revised rate of interest, charges etc., as intimated by the Company are not acceptable to the Borrower.
16.The Company shall have the right to assign or transfer or securitize the rights to obtain necessary advance or financial facility from any Bank or Financial Institution or other organizations or for any other lawful purpose, at any time during the currency of the loan.
17.The address for all communications to the Borrower shall be the one furnished in the loan application form by the Borrower. Unless any change of address is duly intimated by the Borrower to the Company in writing and duly acknowledged, any communication sent to the Borrower in the address furnished in the loan application shall be tantamount to valid receipt / acceptance of the communication sent by the Company. The Borrower shall also keep the Company duly intimated about any changes in the recorded landline phone or mobile phone number to facilitate communications. The Borrower understands and agrees that the Company may contact the Borrower over phone to pass on transactional as well as promotional communication and the Borrower consents for the same. It is also understood and agreed by the Borrower that such conversation may also be recorded by the Company for future use.
18.In the event the Borrower fails to produce the pawn ticket at the time of settlement, the Company may, at its sole discretion, deliver the pledged Gold of the Borrower after completion of the prescribed formalities and subject to payment of processing charges, as may be applicable from time to time.
19.The Borrower shall bear, pay and reimburse all present and future charges relating to administration, interest tax, service tax, duties (including stamp duty), sales tax/VAT and taxes (of any description as may be levied by the Government or any other authority from time to time) and all other costs and expenses whatsoever in connection with (a) application for and the grant and repayment of the Loan; (b) recovery and realization of the loan together with interest; (c) enforcement of Security ; (d) clearance of arrears of all taxes and any other charges and levies of the Government in respect of Security and (e) insuring the Security.
20.The rate of interest and the approach for gradation of risk and rationale for charging different rates of interest to different category of customers is based on the details/attributes of the loan scheme vis-a-vis Loan to Value (LTV), tenure of the loan and the amount of the loan extended.
21.The locker facility, if any, provided by the company at any of its branches is not regulated by the Reserve Bank of India.
22.The Company shall have the right to make disclosure to Credit Information Bureau of India Ltd. (CIBIL) or such other similar agencies.
23.All disputes, differences and/or claims arising out of or touching upon this loan, whether during its subsistence or thereafter, shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996, or any statutory amendments thereof and shall be referred to the Arbitration of a Sole Arbitrator to be appointed by the Company. The award given by such Sole Arbitrator shall be final and binding on the Borrower and the Company. The venue of arbitration shall be in Kerala.
He is a retired officer of Indian Forest Service (IFS). He was Principal Chief Conservator of Forests and Head of Forest Forces, Kerala, and Chairman of Kerala State Electricity Board as well as Kerala State Electricity Regulatory Commission. He holds a Masters Degree in Chemistry and Sociology and is also a law graduate.
