Asirvad Micro Finance Limited (‘Asirvad’), a subsidiary of Manappuram Finance Limited (MAFIL), has announced the appointment of Satish Nair as its President and Chief Executive Officer (CEO). Headquartered in Valapad, Kerala, Asirvad is the third-largest microfinance institution in India, offering microfinance loans primarily to low-income women.
With a widespread presence across 22 states and 4 union territories, Asirvad boasts a network of 1,684 branches and manages assets worth over Rs 10,000 crore as of June 2023. Mr. V.P. Nandakumar, Chairman of Asirvad, expressed confidence in Satish Nair’s ability to lead the company during a period of substantial growth in the microfinance sector. He emphasized Nair’s expertise in financial services, which aligns with Asirvad’s vision of financial inclusion.
Mr. B.N. Raveendra Babu, Managing Director of Asirvad, extended a warm welcome to Satish Nair, highlighting his diverse experience across various functions in the financial services sector. Nair’s background encompasses roles in treasury, compliance, business development, and fixed income research, among others. His previous engagements with credit rating agencies and mortgage companies further enrich his understanding of the industry.
In his statement, Satish Nair expressed his enthusiasm about joining Asirvad and the broader Manappuram group. He recognized the microfinance sector as a dynamic opportunity to address the financial needs of India’s diverse population. Leveraging Asirvad’s technological prowess and talented workforce, Nair aims to enhance access to micro-credit for underserved segments of society.
Prior to joining Asirvad, Satish Nair served as the head of treasury and corporate affairs at Vastu Housing Finance Corporation Ltd. He brings a wealth of experience from his tenure in credit rating agencies such as Fitch Ratings and India Ratings & Research. Nair holds a degree in business management and accounting from the University of Mumbai.
Asirvad Micro Finance Limited, established in 2007, has been instrumental in empowering low-income women and promoting financial inclusion. Since becoming a subsidiary of Manappuram Finance Limited in 2015, Asirvad has expanded its operations nationwide, providing vital financial support to marginalized individuals in rural and semi-urban areas.
Manappuram Finance Limited, founded in 1992 in Thrissur, Kerala, is one of India’s leading Non-Banking Financial Companies (NBFCs). Initially focused on gold loans, Manappuram Finance has diversified its portfolio to offer a wide range of financial solutions, including personal, business, and vehicle loans, catering to the diverse needs of its customers across the country. Asirvad’s appointment of Satish Nair reflects its commitment to driving inclusive growth and empowering communities through accessible financial services.