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Transforming Legacies: The Visionary Journey of Manappuram Finance

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Centuries ago, the sage and philosopher Laozi, on the other side of the Great Wall of China, famously stated, “A journey of a thousand miles begins with a single step.” This timeless wisdom highlights how seemingly minor actions can trigger significant changes over time. The remarkable story of an entrepreneurial giant on this side of the Great Wall exemplifies this concept beautifully. When V.P. Nandakumar took over his late father’s modest, single-branch money-lending business in 1986, few could have predicted that it would mark the start of an extraordinary journey. Today, Manappuram Finance Ltd stands as one of India’s premier non-banking financial companies (NBFCs), boasting 5,200 branches across 28 states and Union Territories, an impressive Assets Under Management (AUM) of Rs 42,069 crore, and a dedicated workforce of over 50,000.

Unique Times chronicles the fascinating success saga of Nandakumar, the Managing Director and CEO of Manappuram Finance Ltd, who used his astute leadership skills, razor-sharp acumen and vision to steer his enterprise all through its high-octane journey to becoming a financial powerhouse in the country. The journey that began in modest settings in Valapad, a quaint village in Kerala’s Thrissur, has acquired a pan-India dimension today, which is nothing but extraordinary. Nandakumar has added more feathers to his cap by unlocking the portals of diversification through microfinance, home loans, vehicle finance and SME and personal loans thereby broadening the spectrum of his company. 

Wearing Many Hats With Elan

Born in 1954, Nandakumar holds a postgraduate degree in science and additional qualifications in banking and foreign trade, providing him with a strong foundation for his finance career. His expertise has been recognized by various trade and industry associations, including FICCI, ASSOCHAM, and FIDC, where he has actively contributed to policy shaping and the promotion of best practices within the sector. His commitment to education and professional development is further demonstrated by his appointment to the Board of Governors of the Indian Institute of Management, Kozhikode, in January 2019, highlighting his significant influence in the field of management education.

Nandakumar is a Distinguished Invitee to the All-India Management Association’s Council of Management, where he shares his insights to promote management practices nationwide. As Co-Chair of the State Council of FICCI Kerala, he demonstrates his ability to foster collaboration among industry leaders and improve the business environment in the region. Through these roles, Nandakumar continues to make a positive impact on both the educational and industrial sectors, guiding the next generation of leaders in the financial services industry.

How It All Began

Manappuram Finance Ltd traces its roots back to 1949 when it was founded by Nandakumar’s father, the late V.C. Padmanabhan, in Valapad. The initial operations focused on money lending. It was a modest beginning that laid the foundation for what would become a financial behemoth. Following the untimely demise of his father in 1986, Nandakumar took over the reins of the family business and there has been no looking back ever since.

Diversification and Growth

One of Nandakumar’s most significant contributions has been his proactive approach to diversification. Recognising the evolving needs of customers, he has steered the company into new territories. Today, a remarkable 49% of Manappuram’s total business originates from non-gold segments, a clear reflection of his strategic foresight.

Nandakumar’s efforts have not gone unnoticed. His exemplary leadership and remarkable achievements have fetched him recognition on coveted national platforms. In May 2018, ‘Business World’ magazine listed him among India’s 40 most valuable CEOs. The ‘Economic Times’ acknowledged Manappuram as the ‘chart-topper’ in their ET500 list of Top Wealth Creators of 2019. Furthermore, he received the Hurun Industry Achievement Award in February 2023, a testament to his enduring impact in the business world.

Commitment to Community Development

Beyond his business acumen, Nandakumar’s commitment to social responsibility is a cornerstone of his vision. In 2009, he established the Manappuram Foundation aimed at uplifting the community through various initiatives. The foundation’s reach extends to managing two schools, coaching centres for diverse skills, yoga centres, and wellness facilities. Notably, it also operates a sports complex with badminton and basketball courts, along with an aquatic complex featuring a state-of-the-art swimming pool.

His dedication to community welfare is evident in the foundation’s services, which are provided to people falling under the Below Poverty Line (BPL) category at subsidized rates. Additionally, the foundation has a fleet of ambulances equipped with advanced medical support systems, further solidifying its role as a pillar of support for the local population. He staunchly believes that these efforts to uplift the community will have a butterfly effect over the years as his empire grows.

Leadership Beyond Borders

In addition to his responsibilities at Manappuram Finance, Nandakumar has done yeoman service to international organizations. His journey with Lions Clubs International began in 1981, and over the years, he has held various leadership positions, including multiple district council chairperson and member of the LCIF Corporate, Foundation & Government Gifts Committee. His dedication and service culminated in his election as an international director during the 102nd International Convention in Milan, Italy, in July 2019, marking a significant milestone in his commitment to community service.

Currently, he is serving as the Chair of LCCIA and Chairperson of the ISAME Area Leadership. Through these roles, he continues to foster collaboration among Lions Clubs worldwide, advocating service projects that address pressing social issues. His leadership not only strengthens the organisation but also reinforces his commitment to making a positive impact beyond national borders, embodying the spirit of global citizenship and community empowerment.

Promoting Financial Inclusivity

Nandakumar’s influence reaches far beyond the confines of Manappuram Finance. He has been a driving force in promoting financial inclusivity through his involvement in several key ventures. Notably, he played a pivotal role in establishing Equitas Small Finance Bank Ltd., India’s first small finance bank that provides affordable financial solutions to the underserved. His efforts also contributed to the formation of Aptus Value Housing Finance India Ltd., both of which were successfully listed on the stock exchange, marking significant milestones in the Indian financial landscape.

Additionally, Nandakumar’s promotion of Five Star Business Finance Ltd., an NBFC specialising in MSME finance, further emphasises his commitment to enhancing access to financial services for marginalised sectors. By focusing on micro, small, and medium enterprises, he has championed initiatives that empower entrepreneurs and drive economic growth. Through these endeavours, Nandakumar continues to champion financial inclusivity, ensuring that diverse segments of society have the opportunity to participate in the economic mainstream.

A Legacy of Leadership and Vision for the Future

As Nandakumar continues to lead Manappuram Finance Ltd., his vision is firmly anchored in innovation, community service, and financial inclusivity. With plans for further expansion and diversification, he is well-positioned to navigate the changing financial landscape while remaining dedicated to the values that have guided him since the company’s inception.

In an era where financial services are increasingly crucial, Nandakumar’s journey exemplifies the power of leadership, resilience, and a sincere commitment to making a positive impact. As he looks ahead, it is clear that his influence will continue to shape the future of financial services in India and beyond.

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Czech president injured while racing motorcycle

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Czech President Petr Pavel has been hospitalized following a motorcycle accident, with his office reassuring the public that the injuries are not severe, necessitating only a short observation period. The incident occurred on a closed racing circuit, leading authorities to abstain from launching an investigation. Despite the accident, President Pavel’s love for motorcycles is well-known, particularly his fondness for riding a BMW R1200 GS.

President Pavel’s enthusiasm for motorbikes has occasionally landed him in controversy. Last year, he publicly apologized after being caught riding without a helmet. Nonetheless, his passion for biking remains undeterred, with the president often seen enjoying rides, even to neighboring countries like Germany. Pavel’s commitment to strengthening diplomatic ties, combined with his love for motorcycles, has made headlines throughout his tenure.

This recent accident marks another addition to President Pavel’s list of extra-curricular mishaps. Just last April, he sustained a minor injury while practicing shooting at a range. Despite these incidents, President Pavel continues to engage actively in both official duties and personal interests, illustrating a dynamic and multifaceted leadership style.

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Europe risks dying and faces big decisions – Macron

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In a significant speech at Sorbonne University, French President Emmanuel Macron issued a stark warning to Europe, stating that the continent must shed its self-imposed naivety or risk its demise. Macron emphasized the urgent need for Europe to adapt to a rapidly changing global landscape, highlighting challenges such as Russian hostility, diminishing US interest, and Chinese competition that could marginalize the EU.

Macron urged European leaders to make decisive moves toward bolstering defense and the economy, advocating for increased protectionism and the development of an independent defense capability. He stressed the importance of Europe asserting itself in international trade, particularly as major players like China and the US disregard established norms.

Addressing concerns over Russia’s actions, Macron defended his stance of strategic ambiguity regarding potential military involvement in Ukraine, emphasizing the need for Europe to assert its independence from the US and reject a bipolar world order.

Macron also warned against Europe’s internal demoralization, urging a reconnection with the values that distinguish the continent. He highlighted the dangers of online disinformation and advocated for stricter regulations, including imposing a minimum age for social media access.

While Macron’s speech aimed to position France at the forefront of European leadership and boost his party’s electoral prospects, it also underscored concerns about the party’s dependence on Macron’s leadership.

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Spain, Ireland, Slovenia, Malta say they are ready to recognise the State of Palestine

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Leaders from Spain, Ireland, Slovenia, and Malta have declared their readiness to acknowledge the State of Palestine as a crucial step towards achieving peace and stability in the conflict-ridden region. During a meeting on the sidelines of a summit in Brussels, they emphasized their willingness to recognize Palestine when it could contribute positively to the situation. They stressed the necessity of a two-state solution, with both Israeli and Palestinian states coexisting peacefully.

Slovenian Prime Minister Robert Golob expressed optimism about garnering political support for Palestine at the United Nations, suggesting that conditions for establishing a Palestinian government could be ripe in the near future. Currently, nine out of the EU’s 27 member states recognize Palestine based on the 1967 borders. Belgium, represented at the meeting, also supports Palestinian statehood but may be constrained from signing such declarations due to its presidency of the Council of the EU.

While the EU backs the two-state solution and provides significant aid to Palestinians, it has not unanimously supported recognizing a Palestinian state. Spain and Ireland have been vocal advocates for recognizing Palestine, particularly following the recent conflict in Gaza. Spanish Prime Minister Pedro Sánchez emphasized the importance of unified action among EU countries rather than unilateral recognition. He stressed the need for careful timing to ensure a lasting peace.

The political diversity of the leaders involved suggests broad consensus on the necessity of recognizing Palestine for future peace efforts. Irish Taoiseach Leo Varadkar also confirmed ongoing discussions among member states regarding formal recognition of Palestine to facilitate more equitable negotiations post-conflict.

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Putin says he prefers Joe Biden over Donald Trump in the White House

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Russian President Vladimir Putin has expressed a preference for a Joe Biden presidency over Donald Trump ahead of the US election, citing Biden’s experience and predictability. Putin’s comments mark a departure from his previous praise of Trump before his first run for president in 2016. Despite Biden’s criticism of Putin, the Russian president believes Biden’s leadership would be better for Russia due to his political background.

Putin dismissed concerns about Biden’s age and mental health, stating that he did not notice any issues during their last meeting in 2021. However, he criticized Biden’s condemnation of the war in Ukraine as “extremely harmful and erroneous.” Despite his preference, Putin emphasized that Russia would work with any US president who gains the trust of the American public.

These remarks contrast with Trump’s previous statements suggesting a strong rapport with Putin, although Trump’s recent remarks about encouraging Russia to attack NATO members have drawn criticism from NATO officials.

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Ukraine war: Baby killed in Russian strike on Kharkiv hotel

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A tragic incident occurred in northeastern Ukraine as a Russian missile struck a hotel, resulting in the death of a two-month-old baby and injuring his mother. The governor of Kharkiv region, Oleh Synehubov, reported the retrieval of the baby’s body from the collapsed building in Zolochiv. This attack, carried out with two S-300 missiles, also wounded two other women. The village’s proximity to the Russian border renders it vulnerable, as Ukrainian air defenses cannot adequately cover such areas.

Originally designed for Russia’s air defense, the S-300 missiles have been repurposed to target Ukrainian ground installations, deemed a cost-effective alternative to more precise cruise missiles. Recent months have seen increased assaults on the Kharkiv region, with another hotel targeted in Kharkiv city previously, resulting in numerous injuries, including journalists covering the conflict.

In response to Russia’s aggression, Ukrainian forces launched a lethal strike on Belgorod, near the border. Additionally, Ukraine’s SBU security service apprehended five individuals suspected of involvement in a Russian espionage ring, allegedly providing sensitive information to Russia’s FSB, including details on military assets and infrastructure.

As Ukraine braces itself amidst the ongoing conflict, President Volodymyr Zelensky contemplates strategic shifts, including potential changes in leadership within the armed forces. Despite challenges and setbacks, Zelensky emphasizes the importance of perseverance and unity in achieving victory.

While US military assistance to Ukraine faces delays due to political wrangling in Congress, the European Union has approved a substantial aid package for Ukraine, highlighting its steadfast support amid the approaching third year of conflict.

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Ursula von der Leyen: EU’s ‘general’ nears endgame of turbulent first term

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For years, the European Union (EU) has faced criticism for lacking a single voice on the world stage. However, many in Brussels now see Ursula von der Leyen, the first female President of the European Commission, as someone who can fill that role. Von der Leyen has been involved in various high-profile meetings, such as visiting Kyiv and attending an EU summit with Ukraine’s president, meeting Joe Biden at the White House to address tensions over green subsidies, and joining French President Emmanuel Macron to meet Chinese President Xi Jinping amid deteriorating EU-China relations.

During her tenure as the head of the European Commission, which shapes and enforces policies for 450 million Europeans, von der Leyen has faced significant challenges. She took office in 2019 with a focus on addressing the climate emergency but soon had to deal with the COVID-19 pandemic and the conflict in Ukraine, which marked the largest war on European soil since World War II. Despite these crises, von der Leyen has been praised for her leadership, with one EU official noting that the EU now has a central command and a leader for crisis management.

Von der Leyen follows a disciplined routine, starting her day early and living in her office at the Berlaymont, the commission’s headquarters, to avoid traffic. Her living space is a modest room on the 13th floor, originally designed as a restroom, for which she pays €18,000 in rent deducted from her salary and housing allowance. Known for her work ethic, the 64-year-old former medical doctor spends much of her time at her desk and avoids social events. She leads a frugal lifestyle, abstaining from alcohol and maintaining a vegetarian diet.

Von der Leyen rarely gives interviews and prefers to deliver carefully scripted video messages in English, French, and German. She is known for her punctuality and efficiency, with meetings starting and ending on time. While her predecessor, Jean-Claude Juncker, was known for his wit and spontaneity, von der Leyen prefers to stick to prepared remarks.

Overall, von der Leyen’s leadership has been marked by her ability to navigate crises and provide a more unified voice for the EU on the global stage.

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