Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance Limited, has appointed Satish Nair as President and Chief Executive Officer (CEO).
Asirvad, headquartered in Valapad, Kerala, is the third largest microfinance institution (in terms of AUM as of June 2023), offering microfinance loans to low-income women. As of June 2023, Asirvad has a presence in 22 States and 4 Union Territories in India through its network of 1,684 branches, with assets under management (AUM) of over Rs10,000 crore.
V.P. Nandakumar, Chairman, Asirvad, said, “Satish comes aboard to lead the Asirvad team at a time when the microfinance 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”.
Prior to joining Asirvad, Satish was head of treasury and corporate affairs at Vastu Housing Finance Corporation Ltd. He has led various functions in the financial services sector, including credit, business development, investor relations, fixed income research, marketing, etc. Satish has previously been associated with credit rating agencies such as Fitch Ratings, India Ratings & Research and Brickwork Ratings.
MAFIL currently owns 97.59 per cent in Asirvad.