Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance Limited, has appointed Satish Nair as President and Chief Executive Officer.
Asirvad, based in Valapad, Kerala, ranks third among microfinance institutions (by AUM as of June 2023), providing microloans to low-income women. Operating in 22 States and 4 Union Territories with 1,684 branches, Asirvad manages assets exceeding Rs 10,000 crore as of June 2023. MAFIL currently owns 97.59% of Asirvad.
Commenting on the development, V.P. Nandakumar, Chairman, Asirvad, said, “Satish comes aboard to lead the Asirvad team at a time when the micro finance sector is witnessing significant growth. He is the right person to help elevate the company’s reach and consequently, implement the company’s vision of financial inclusion. I am confident that his understanding of the financial services sector will help Asirvad grow sustainably. I wish him and the team the very best.”
B.N. RaveendraBabu, Managing Director, Asirvad, said, “We welcome Satish into the Asirvad family. Satish has rich experience of diverse functions, including treasury, compliance, business development, fixed income research, corporate finance functions, marketing, etc. He has also executed roles in mortgage, credit rating agencies, and internet companies. I look forward to working with him and the team into a realm of growth and success.”
Satish Nair, President and CEO, Asirvad, added, “I am delighted to join Asirvad and the Manappuram group. Micro finance sector presents a dynamic opportunity to meet the unmet needs of India’s diverse, multi-cultural and large population. With Asirvad’s core strength of its people and tech-platform, I believe we can deliver and service the under penetrated segments in the country with simple, easy and faster access to micro-credit. I look forward to working alongside peers in the industry, regulators, government and other stakeholders to continue on our path to serve the underserved and underbanked sections of India.”
Before Asirvad, Satish led treasury and corporate affairs at Vastu Housing Finance. With experience in credit, business development, investor relations, and more in financial services, he has also worked with credit rating agencies like Fitch Ratings, India Ratings & Research, and Brickwork Ratings. Satish is an alumnus of University of Mumbai from where he graduated in business management and accounting.
