By V.P. Nandakumar
 
On November 6, 2016, Manappuram Finance Ltd. celebrated 20 years of listing on the BSE. Mr. V.P. Nandakumar, MD & CEO, looks back at the triumphs and tribulations of those early days in the history of the company.
 

The Indian banking system is recognized as being robust and well regulated. Since nationalization, the Indian banking system has undergone dramatic changes. For example, recently India became one of the few countries to begin implementing Basel III norms. On the other hand, banking system is yet to penetrate into the hinterlands. Around 41% of the Indian population is still unbanked, of which, 40% belong to urban regions, while 60% belong to rural areas. Only 14% of the adult population has access to credit accounts with formal financial institutions. 

By V. P. Nandakumar

From 2002 onwards, every year in the month of June, Manappuram has been commemorating its founder, my father late V.C. Padmanabhan. In the initial years, the programme involved a lecture delivered by an eminent personality drawn from business, government or the academic world.
 

Manappuram Finance Ltd., one of the pioneers of the Gold Loan Industry in India, along with its bouquet of other service lines viz. OGL, Home Loan, Commercial Vehicle Loan, Forex & Money Transfer, Asirvad Microfinance along with Insurance Broking subsidiary has set new trends in reaching customers through the concept of Venue Marketing... christened as the LOAN MELA.

HR is concerned with the people dimension in an organization, hence the trend in organizations to re-designate Personnel Department into Human Resource Department. The functions undertaken by HRD are to recruit, select, train and develop employees for an organization. Today with companies having a global mix of employees, developing an understanding of the employees is a tough task for the HR Department. Human Resource Management is a process of bringing people and organizations together, so that their respective goals are met.

The uncertainty over the referendum ended with the UK voting on June 23, 2016 to leave the EU. After the referendum, opinion is divided among financial analysts and economists about the long term consequences of the event. Those who campaigned for the exit option believe it will be negative only over the short term. In the long run the outcome will be positive for UK, with savings of GBP 8.50 billion per annum (said to be the country’s net contribution to EU) and freedom to pursue its own trade deals.

The Club was inaugurated on March 8th 2016 by our Hon’ble MD & CEO in the presence of Smt. Subhashini Teacher, Block Panchyath President, and Smt. Sushama Nandakumar, Managing Director of Manappuram Jewellers Ltd. and Patron of the Club.

Non-banking finance companies (NBFCs) form a vital part of the Indian financial system. They play a significant role in nation building and financial inclusion by complementing the role of the banking sector in reaching out and extending credit facilities to the unbanked sections of society. NBFCs have scripted a spectacular success story in the history of the Indian economy. Their contribution to the economy has grown from 8.4% in 2006 to over 14% in March 2015.

Let me begin with a story.

There was once a Monk who had through his Master, learnt everything that could be learned. He memorized all the Scriptures and all the science available in his time. He became proficient in them, he became a great scholar; his fame started spreading all over the country.

What is Fraud?

A. An act which is intentionally misleading the organization and / or performing actions / activities which cause potential damage to the organization.
B. Fraud is any intentional act or omission designed to deceive others, resulting in the victim suffering a loss and/or the perpetrator achieving a gain.

A fraudulent act not only results (potential damage) in financial loss to an organisation but also causes reputation loss, which is more grave in nature.