Chennai:Subsidiary company of Manappuram Finance Limited, Asirvad Microfinance Limited announced that it has achieved a significant milestone of Rs 5,000 crore in assets under management (AUM).
In a statement, managing director Raja Vaidyanathan said, ‘Asirvad 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.’
Chairman of Asirvad, VP Nandakumar 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.’ According to a press release, Asirvad caters to over 21 lakh women members through its 1,037 strong branch network spread across 314 districts in 22 States. It recently upgraded its entire operations through the e-onboarding process of clients at their doorstep, the release noted.