Non-banking financial company Manappuram Finance on Wednesday said that its gold as well as non-gold portfolios were doing well with rising demand from the bottom of the pyramid.

“Our MSME is doing well, affordable housing, commercial vehicle finance, microfinance, all these portfolios are doing exceedingly well and gold also. Slowly, we see an improvement in demand from the bottom of the pyramid. All these will address our issues of growth and we will be able to achieve the targeted growth in the coming quarters,” VP Nandakumar, MD & CEO, Manappuram Finance, told CNBC-TV18.

According to Nandakumar, there has been a progress in customer addition in gold loans. He said the lower end was picking up and that would definitely meet the firm’s requirement for gold loan growth.

Nandakumar added that non-gold portfolios, which are doing well, form nearly 40 percent of Manappuram Finance’s business and since these are doing well, the shadow bank should be able to achieve growth targets etc., on a consolidated level.

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He, meanwhile, said the teaser rate is not being offered now. It was being ordered when demand from all sectors was less and that situation is over now.

Manappuram Finance CEO also said that succession planning was part of the company’s governance and it cannot deviate from that. It will definitely identify successors at all levels in the coming quarters. Who will take what position is yet to be decided and the board will look into the method, he said. “The successor will be on the basis of consensus by the stakeholders,” he said.

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(Edited by : CH Unnikrishnan)