Asirvad Microfinance Limited, a subsidiary company of Manappuram Finance Limited, has crossed Rs 5,000 crore in assets under management (AUM).
In an official communique, Raja Vaidyanathan, Managing Director, Asirvad Microfinance Limited said that in a bid to achieve this milestone, Asirvad has taken the route of multi-state business operations. The company has been rated AA-/Stable by CRISIL, the highest credit rating in the MFI sector.
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 serves over 21 lakh women members via 1,037 strong branch network spread across 314 districts in 23 States. Its portfolio is well-diversified with AUM exceeding Rs 200 crore and over 1 lakh members in 10 states. It has also upgraded its entire operations via e-onboarding process of clients at their doorstep recently.
Vaidyanathan adds that after the upgradation, Asirvad now aims at reducing 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 Microfinance was acquired by Manappuram Finance Limited in February 2015. At the time, the company’s AUM was nearly Rs300 crore.