Asirvad Microfinance Ltd. has announced the appointment of B N Raveendra Babu as the Managing Director of the company. The Chennai-based NBFC-MFI is a subsidiary of Manappuram Finance Limited (MAFIL) and is the 4th largest MFI in India.
Raveendra Babu succeeds Raja Vaidyanathan, the founder and Managing Director, who relinquished his position on 30 June. The company was founded in 2007 by S.V. Raja Vaidyanathan, and it was acquired by Manappuram Finance Limited in 2015.
B N Raveendra Babu is a promoter director of Manappuram Finance Limited where he served as an Executive Director prior to this appointment. He has over 28 years of experience in the NBFC domain in India along with 13 years of experience in the finance area in the Middle East.
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