ENA MSME 2018-11-06 07:52:50 <p><strong>New Delhi, Nov 6 (KNN)</strong> Asirvad Microfinance, a subsidiary of Manappuram Finance Ltd., will start lending to MSME (micro, small and medium enterprises) sector in a big way, said S.V. Raja Vaidyanathan, managing director of the company. </p> <p>We have been test-marketing MSME lending in Tamil Nadu for a while, said S.V. Raja.</p> <p>Our target is to lend about Rs.500 crore to Rs.750 crore by March 2020, he said.</p> <p>As per the RBI guidelines, Microfinance firms can lend only 15% of their portfolio to MSME.</p> <p>It can be easily scaled up. Right now, we are looking for a senior person to head it. It will be an independent division, he said.</p> <p>He mentioned that Asirvad had drawn up plans to expand microfinance lending to Rs.5,000 crore by March 2020 from the present Rs.2,800 crore.</p> <p> It was also planning to increase its branch network from 920 to 1,200 by March 2020, he added.</p> <p>When we were acquired by Manappuram Finance some four years ago, we had 80% exposure in Tamil Nadu. We have taken a decision to reduce our exposure in major cities to 10% each, he said.</p> <p>Companys vision is to empower the members at the bottom of the pyramid by providing financial assistance.</p> <p>And aims to organize groups of committed poor women and provide innovative financial services in a sustainable manner with a view to Alleviate poverty through viable income generation activities.</p> 21245 https://knnindia.co.in/news/newsdetails/msme/asirvad-microfinance-to-lend-msme-sector-in-a-big-way 2018-11-06 07:52:50 knnindia.co.in