India’s 4th largest NBFC, Asirvad Microfinance Ltd. has appointed B N Raveendra Babu as its new Managing Director. As Asirvad, a subsidiary of Manappuram Finance Limited (MAFIL), Raveendra Babu succeeds Raja Vaidyanathan, the founder and Managing Director, who handed over his position on 30 June, 2021. The NBFC was founded in 2007 by S.V. Raja Vaidyanathan, and was later acquired by Manappuram Finance Limited in 2015.
Babu is a promoter director of Manappuram Finance Limited. He holds more than 28 of experience in the Indian NBFC industry along. Also, he has more than one decade of experience in the financial industry of the Middle East.
Commenting on his appointment, B N Raveendra Babu said, “I am quite excited to take over as Managing Director of Asirvad Micro Finance, which has an AUM of Rs.6000 B N Raveendra Crores. We look forward to investing in innovation and opening new business segments while fostering a high-performance culture across the company.”
On the official communiqué, he highlighted technology upgradation as a priority for the company as new-age financing is entirely driven by technology. The company is moving to Oracle Cloud and digitalising the entire process through a Loan Management System (LMS) developed in-house. Further, customers are to be brought to the digital platform by providing them a Customer Service Application which provides them full information about their loans and gives access to different modes of digital payments. The overarching aim, he said, is to align Asirvad’s business to the vision of “Small loans, big dreams.”