Manappuram Finance
Introduction '''Manappuram Finance Ltd''' is an Indian non-banking financial company (NBFC) based in Valapad, Thrissur, Kerala. Manappuram has over 4190+ branches across 25 states.
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 and subsequently renamed the company as Manappuram Home Finance. In 2015, Manappuram Finance acquired Asirvad Microfinance, a Chennai-based microfinance company.
Controversies In February 2012, the Reserve Bank of India (RBI) issued a warning to the general public against keeping deposits with Manappuram Finance. 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.
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