Dec 17: Asirvad Microfinance Limited, microfinance subsidiary company of Manappuram Finance Limited has achieved a significant milestone of reaching Rs. 3,000 crore micro-finance Assets under Management (AUM). As per the statement of Managing Director, Mr. Raja Vaidyanathan, â€œAsirvad has been achieving an incremental Rs. 100 crore AUM for past five months consistently and poised to reach Rs. 3500 crore AUM by end of financial year. He further said that, Manappuram Finance is infusing Rs. 150 crore into the company to aid further expansion of portfolio.â€ The company has been rated as A+ positive outlook by CRISIL and A+ rating by CARE.
Asirvad caters to 1.6 million women members through 930 branch network across 22 States pan India. Out of the branch network, 80 new branches were opened during the financial year. It has 4,300+ staff working in field offices and another 400+ working in administrative locations. The major portfolio expansion for Asirvad came from eastern region with West Bengal crossing Rs. 350 crore, Bihar Rs. 250 crore and Orissa Rs. 100 crore microfinance portfolio.
As an NBFC-MFI, Asirvad offers microfinance loan for various income generating activities and its interest rates are lower among larger MFIs. The company has raised funds through bank term loans, listed NCD and completed many securitization deals with Banks. Asirvad has 63 Banks/ FIs relationships with outstanding liabilities of over Rs. 2600 crores.