Asirvad Microfinance crosses Rs 5,000 crore in AUM

CHENNAI Asirvad Microfinance Limited, a subsidiary of Manappuram Finance Limited has announced that it has achieved Rs.5 billion in assets under management (AUM)

Raja Vaidyanathan, managing director of Asirvad Microfinance , said, ÔÇťAsirvad has taken the route of multi-state business operations to achieve this milestone. The company is rated AA-/stable by CRISIL , the highest credit rating in the MFI sector.

Asirvad serves more than 21 Lakh women members through its 1,037 branches in 314 districts in 22 states. It has a well diversified portfolio, with an AUM of more than Rs 200 million and more than one Lakh member in 10 states.

Asirvad recently updated all its operations through the process of electronic incorporation of customers at its door.

According to Vaidyanathan, after the upgrading, Asirvad aims to reduce the response time to less than five days for its loan offering services. In addition, the entire loan documentation process of the company is now digitized.

Vice President Nandakumar, president of Asirvad, said: Asirvad has continuously improved its risk management practices through greater automation and digitalization, in line with our goal of offering our services to customers at a competitive rate.

Asirvad Microfinance was acquired by Manappuram Finance Limited in February 2015 and the AUM was Rs 300 crore at the time of acquisition.