Asirvad, based in Valapad, Kerala, ranks as the third largest microfinance institution by AUM as of June 2023, providing microfinance loans to low-income women. By June 2023, Asirvad operated in 22 states and 4 union territories across India, managing assets worth over Rs 10,000 crore through 1,684 branches.
Commenting on recent developments, V.P. Nandakumar, Chairman of Asirvad, stated, "Satish joins Asirvad during a period of substantial growth in the microfinance sector. His leadership is crucial to expanding our reach and fulfilling our vision of financial inclusion. I am confident that his deep understanding of the financial services sector will ensure Asirvad's sustainable growth. I wish him and the team all the best."
Managing Director B.N. Raveendra Babu added, "We are pleased to welcome Satish to the Asirvad family. He brings extensive experience across various functions, including treasury, compliance, business development, fixed-income research, and corporate finance, among others. His diverse background in mortgages, credit rating agencies, and internet companies will be invaluable. I am excited to collaborate with him and the team to drive growth and success."
Satish Nair, the new President and CEO of Asirvad, expressed his enthusiasm, saying, "I am thrilled to join Asirvad and the Manappuram group. The microfinance sector offers a unique opportunity to address the unmet needs of India's vast and diverse population. With Asirvad's strong team and technology platform, we can provide quick and easy access to microcredit for underserved segments. I look forward to working with industry peers, regulators, the government, and other stakeholders to continue our mission of serving the underbanked."
Before joining Asirvad, Satish led treasury and corporate affairs at Vastu Housing Finance Corporation Ltd. His extensive experience spans credit, business development, investor relations, fixed-income research, and marketing. He has also worked with credit rating agencies such as Fitch Ratings, India Ratings & Research, and Brickwork Ratings. Satish holds a degree in business management and accounting from the University of Mumbai.