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The De-Risking Blueprint: What Manoj Pasangha’s Elevation Means for Asirvad and Microfinance

The formal elevation of G D Manoj Pasangha as Managing Director & CEO of Asirvad Micro Finance Limited, following Reserve Bank of India (RBI) clearance, marks the completion of a pivotal leadership transition at one of India’s largest NBFC-MFIs.

Startups2 min read

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Pasangha, a seasoned microfinance veteran who previously served as President & Deputy CEO of IIFL Samasta Finance, joined Asirvad as Co-CEO in October 2025. His appointment coincided with one of the most turbulent operational environments for Indian microfinance, characterized by rural cash flow strain, borrower over-indebtedness, and heightened regulatory scrutiny over uncollateralized lending practices.

The Turnaround Mechanics: From Stress to ₹21 Crore PAT

Under Pasangha’s operational leadership, the Manappuram Finance subsidiary prioritized portfolio remediation over aggressive book expansion. The strategy yielded immediate dividends: Asirvad returned to profitability, reporting a Profit After Tax (PAT) of ₹21 crore in Q1 FY2027.

However, the more consequential structural development lies in Asirvad's asset composition. Managing an on-book portfolio exceeding ₹8,000 crore, the lender has recalibrated its exposure to approximately:

  • 70% Microfinance: Focusing on tightened credit appraisal, smaller ticket sizes, and disciplined collection cadences.
  • 30% Gold Loans: Directly leveraging the underwriting infrastructure and brand equity of parent Manappuram Finance Limited.

Why the 70:30 Asset Mix Matters

For years, monoline microfinance institutions have operated under the structural vulnerability of uncollateralized portfolios. When macroeconomic or climate-induced shocks hit borrower segments, credit costs surge without underlying collateral to cushion losses.

By scaling gold-backed lending to nearly a third of its on-book assets, Asirvad has established an internal liquidity and risk hedge. The secured book provides predictable margins and capital protection, while the microfinance arm preserves high-yield customer acquisition across tier-3 and rural markets.

Why it matters

The Regulatory Horizon

With RBI emphasizing compliance, fair practices code adherence, and responsible lending, Asirvad’s strategy under Pasangha reflects the broader maturation of India’s microcredit architecture: transitioning from growth-at-all-costs to resilient, risk-weighted balance sheets.

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Finsamudra Desk23 Oct 2026, 1:05 pm IST
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Scaling Beyond ₹1,500 Crore: Why Amit Saini’s Appointment Anchors Namdev Finvest’s Risk Moat

The appointment of Amit Saini as Head of Risk Management at Namdev Finvest Limited marks a vital governance consolidation for the Jaipur-headquartered non-banking financial company (NBFC). Saini brings extensive experience across risk governance, internal audit, and credit controls, having previously served as Chief Risk Officer at Choice, with formative tenures at Laxmi India Finance and benchmark affordable housing lender Aavas Financiers Ltd.

Startups1 min read

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