Formerly | Manappuram General Finance and Leasing Ltd [1] |
---|---|
Type | Public |
Industry | Non-banking financial company |
Founded | 1949 |
Headquarters | Valapad, Thrissur, Kerala, India |
Key people | V. P. Nandakumar (MD & CEO) |
Products |
|
Revenue | ₹6,749 crore (US$850 million) (FY23) [2] |
₹1,495 crore (US$190 million) (FY23) [2] | |
Number of employees | 17,500 |
Website | www |
Manappuram Finance Ltd is an Indian non-banking financial company (NBFC) based in Valapad, Thrissur, Kerala. [3] Manappuram has over 4190+ branches across 25 states. [4]
The company was founded in 1949 by late V. C. Padmanabhan in Thrissur district. The company commenced its operations at Valappad, mainly with money lending activity on a very modest scale.
The group's flagship company, MAGFIL, was established in 1992 in the wake of economic reforms launched by the Government of India. Its activity was mainly pawn broking and money lending carried out on a modest scale.
In 2014, Manappuram Finance acquired Delhi-based Milestone Home Finance Company [5] and subsequently renamed the company as Manappuram Home Finance. [6] In 2015, Manappuram Finance acquired Asirvad Microfinance, a Chennai-based microfinance company. [7]
In February 2012, the Reserve Bank of India (RBI) issued a warning to the general public against keeping deposits with Manappuram Finance. [8] In response, the company announced an immediate compliance to any of RBI's concerns and decided to constitute an independent committee under the chairmanship of Jagdish Capoor (former Deputy Governor of RBI and former Chairman of HDFC Bank) to review relevant aspects of operations, systems, controls and organizational structure, including Board composition and effectiveness. [9]
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. It is India's third largest private sector bank by market capitalisation after HDFC Bank and ICICI Bank. As of 31 March 2023, the bank has a national footprint of 1,780 branches and 2,963 ATMs.
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V. P. Nandakumar is an Indian businessman hailing from Valapad in Thrissur District of Kerala. He is the managing director and chief executive officer of Manappuram Finance Limited.
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SFB are a type of niche banks in India. Banks with a small finance bank (SFB) license can provide basic banking service of acceptance of deposits and lending. The aim behind these is to provide financial inclusion to sections of the economy not being served by other banks, such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
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