Asirvad Microfinance crosses Rs 5,000 crore in AUM
Mr. V. P. Nandakumar, Chairman of Asirvad, said, “Asirvad has continuously improved its risk management practices by increased automation and digitization, 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 strong branch network spread across 314 districts in 22 States. It has a well-diversified portfolio, with AUM 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 up gradation, 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 digitized.
Asirvad Microfinance was acquired by Manappuram Finance Limited in February 2015. At the time, the company’s AUM was around Rs.300 crore.