Manappuram Finance secures Rs. 695 crore debt funding from NABARD
Chennai, March 28, 2019: Manappuram Finance Limited, one of India’s leading NBFCs, announced that it has secured long term debt funding aggregating to Rs. 695 crore from the National Bank for Agriculture and Rural Development (NABARD). The loans are secured and repayable over a 5-year period. Manappuram Finance Limited will deploy the funds for onward lending to MSME and microfinance sectors under priority sector.
In a statement to the media, Ms. Bindhu AL, CFO, Manappuram Finance Limited said, “NABARD taking a long- term exposure on the company is an endorsement of Manappuram’s on the ground work to make formal credit accessible to the poor and unbanked sections of society. It will help us to further expand our reach in rural and semi-urban areas as an agent of financial inclusion.”
Manappuram Finance is also in discussion with the International Finance Corporation (IFC) for a three-year loan to support liquidity and asset liability management.