Mahindra Finance evaluating guidelines for new banking licenses

Mr. Bharat Doshi - Chairman, Mahindra & Mahindra Financial Services Limited, has issued the following statement to media.

"We are delighted to note that guidelines for licensing of new banks have finally been issued. The suspense for industrial houses has ended and the guidelines clearly state that private sector, public sector and existing non-banking-finance-corporations (NBFCs) shall be eligible. It is heartening to note that the guidelines emphasize the requirement of sound credentials, integrity and a successful track record. We of course need to study the detailed guidelines, the fine print, and transition provisions.

Mahindra Finance, which has strong rural presence and track record of good governance, will definitely look at this opportunity after review by its Board and the Board of the parent company Mahindra & Mahindra Limited."

The Mahindra Group, through Mahindra Finance, has a significant presence in the financial services sector in rural and semi-rural areas.  The guidelines have finally been issued and have opened the field to private sector, public sector and existing NBFCs.  The Reserve Bank of India (RBI) has rightly emphasised the requirements for track record, good governance and sound credentials.

Mahindra Finance will pursue this opportunity after studying the detailed guidelines and after review and approval by the Boards of both, Mahindra Finance and the parent, Mahindra & Mahindra Limited.

Mr. Doshi is also Executive Director & Group CFO of the Mahindra Group.

About Mahindra Finance

Mahindra & Mahindra Financial Services Ltd (MMFSL), part of the US $15.9 billion Mahindra Group, is one of India’s leading non-banking finance companies with a pan India presence. Focused on the rural and semi-urban sector, it provides finance for vehicles and tractors and has the largest network of branches amongst NBFCs operating in these areas.

For further information please contact:

Ms Roma Balwani
Chief Group Communications Officer, Mahindra & Mahindra Ltd.
Mumbai, India
Phone: +91 22 2490 1441

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