Indian Business News

VP Nandakumar, the Managing Director of Manappuram Finance, said that the company has not been affected by the RBI's new regulations. In fact, he sees it as a positive change because they were well-prepared with their online gold loan schemes and other services. Their profitability has stayed strong, and for the coming year, they expect to maintain a 20% CAGR (compound annual growth rate) and similar levels of profitability. VP Nandakumar added: "We had been aiming for 20% growth but achieved 19%, just 1% lower. Our performance hasn’t been bad, but we plan to improve. The RBI's new regulation hasn't impacted us, and we see it as a positive step since we were ready with our online gold loan offerings." Read More

The Board of Directors at Manappuram Finance Ltd has reappointed Mr. VP Nandakumar as the Managing Director and Chief Executive Officer. His new term will start on April 1, 2024, and will run until March 31, 2029. This decision follows the recommendations of the Nomination Compensation and Corporate Governance Committee and will need to be approved by shareholders at the 31st Annual General Meeting. V P Nandakumar holds a postgraduate degree in science, along with additional qualifications in banking and foreign trade. After finishing his education, he began his career at Nedungadi Bank Limited. In 1986, he left the bank to take over the family business after the passing of his father, V.C. Padmanabhan. Read More