Manappuram_General_Finance_and_Leasing

Manappuram Finance

Manappuram Finance

Indian financial services company

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]

Quick Facts Formerly, Company type ...

History

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]

Controversies

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]

References

  1. [1]
    "Manappuram General Fin renamed". The Hindu Businessline. 24 June 2011. Retrieved 25 June 2023.
  2. [2]
    "Manappuram Finance Ltd reports consolidated PAT of Rs. 413.37 crores in Q4 FY2023". EquityBulls. 12 May 2023. Retrieved 25 June 2023.
  3. [3]
    "Manappuram Gen Fin to expand operations". The Hindu. Archived from the original on 10 May 2011. Retrieved 7 May 2010.{{cite web}}: CS1 maint: unfit URL (link)
  4. [4]
    "PE firms take stock, use uptrend to exit". Economic Times. 29 April 2010. Retrieved 7 May 2010.
  5. [5]
    Gooptu, Biswarup (13 March 2014). "Manappuram Finance acquires Milestone Home Finance Company from Jaypee Hotels". The Economic Times. Retrieved 25 June 2023.
  6. [6]
    "Manappuram Home Finance Limited" (PDF). CARE Ratings. Retrieved 25 June 2023.
  7. [7]
    Rebello, Joel (13 February 2015). "Manappuram buys microfinance company Asirvad". Mint. Retrieved 25 June 2023.
  8. [8]
    "Manappuram raising deposits illegally: RBI". The Times Of India.
  9. [9]
    "Manappuram Fin 'will ensure' compliance with RBI norms". Archived from the original on 11 September 2012.
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