The renowned Manappuram Finance Ltd., one of the leading NBFCs in India, was established in 1949 at Valapad, Thrissur, by the late Mr. V.C. Padmanabhan, and thereafter was promoted by his son, Mr. V.P. Nandakumar, the current MD & CEO. Manappuram has always been known for its true attempts to change the usual financial flows by introducing innovations in the industry. Manappuram was one of the earliest to adopt the ‘Core Banking’ platform. In 2015, it launched ‘Online Gold Loan’ which gives gold loans at the convenience of the customer online. It brought with the “One-day Interest” where borrowers have the option to settle gold loans at their comfort. Adding another golden feather to its crown, Manappuram Finance Limited launched its first digital auction application MA-Auction.
In the present scenario, the pre-and post-auction processes are found to be too time- consuming to execute due to their erratic behaviour and excessive manual intervention. Therefore, to deal with this situation, Manappuram Finance Limited has launched its brand- new digital auction application MA-Auction which makes the processes easy, error-free, transparent, and fast.
MA-Auction includes all the pre-auction facilities like bidder registration, acceptance of EMD, proxy facility to accept someone in place of the bidder, facility for the authorized auctioneer to view and accept the offer, and view of realization value. This is a new revolution in the path of digitalization, where we can reduce manual intervention and chances of malpractice and thereby can have a well-organized structure to the entire auction process. In addition, it offers a sound MIS system through which we can track and trace the status and draw detailed system-generated reports. Moreover, the user can view the result of the auction conducted through this application.