ASIRVAD MICROFINANCE ACHIEVES DUAL MILESTONES

Press Release

 

ASIRVAD MICROFINANCE ACHIEVES DUAL MILESTONES

 

·        Opens 1,000th branch in the state of Bihar

·        TN AUM crosses Rs.1, 000 crore

 

Asirvad Microfinance Limited, a subsidiary of Manappuram Finance Limited has achieved a significant milestone of offering micro-finance to over 450,000 women members achieving INR 1000 crore Assets underManagement (AUM) in the State of Tamil Nadu. Asirvad started its operations in Tamil Nadu in 2008 and had completed a decade of operations last year. 

 

In a statement released to the media, Mr. V.P. Nandakumar, MD & CEO, Manappuram Finance Ltd 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 19 States and 3 Union Territories.

 

Mr. Raja Vaidyanathan, Managing Director, stated that “Asirvad Microfinance achieved another milestone in August 2019 when it opened its 1,000th branch in Bihariganj in the state of Bihar”.

 

About Asirvad Micro Finance Ltd.

Asirvad was promoted by Shri.S.V.Raja Vaidyanathan and his family members in the year 2007. During February 2015 Manappuram acquired the majority of the stakes and Asirvad is now a subsidiary company of the Gold Loan Company Manappuram Finance Ltd. It provides individual and group loans through its network of   branches across fourteen states of India. We strive to find mechanisms to deliver capital in more targeted and efficient ways so as to drive greater economic value in the communities we serve. Asirvad offers loans as well as other services to women from poor and low-income household.