Mahindra Finance

RBL Bank, Mahindra Finance get RBI nod to launch co-branded credit cards

Non-bank lender Mahindra Finance on Monday announced that it will be launching a co-branded credit card with RBL Bank. Mahindra Finance said it has received the RBI nod for launching the offering. Managing Director and chief executive Raul Rebello said the offering will be designed to help meet its customers' aspirational needs. The announcement comes amid heightened concerns about the credit card portfolios, and also regulatory attempts to disincentivise growth in such riskier assets. A Mahindra group entity has 3.53 per cent "strategic" stake in RBL Bank which was bought for Rs 417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute credit cards. Rebello said this will be a maiden co-branded credit card offering for Mahindra Finance and that there are significant synergies between the company and the bank. "Our aim is to provide a one-stop solution that offers unmatched benefits across a wide range of categories," RBL Bank's executive dire

Mahindra Finance names Bijoy Thaplial CBO, Mod Narayan Singh as CCO

Thaplial will lead the vehicle leasing and subscription business, Quiklyz, while strengthening execution strategy across all payment products

Mahindra Finance gets IRDAI nod to sell insurance as corporate agent

Mahindra & Mahindra Financial Services on Wednesday said it has received corporate agency licence from insurance regulator IRDAI, which will enable it to sell life and general insurance policies offered by various insurers. The registration shall be valid from May 21, 2024 to May 20, 2027, Mahindra Finance said in a regulatory filing. The registration as 'Corporate Agent (Composite)' will enable the company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance -- both group and individual, it said. The process would augment the company's existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street. Mahindra Finance Managing Director & CEO Raul Rebello said, "This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finance's 1360+ branches, thereby enhancing their .

M&M Finance appoints Mahesh Rajaraman as CRO, to replace Mallika Mittal

Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024. In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her resignation and ceased to be the CRO of the company with effect from May 17. Mittal would be exploring opportunities externally as per her resignation letter. Her resignation would be effective from close of business hours on November 16, 2024, when she would cease to be employee of the company, it added. The Non-banking Finance Company (NBFC) said in the interim period that Gaurav Verma, Head Underwriting & Product Policy, would exclusively oversee the risk management function and would be responsible for the responsibilities under the role of CRO until Rajaraman joins as the CRO. Rajaraman, who has been appointed for a 5-year term, holds 29 years of experience in the banking sector with demonstrated ability in leading and building ...

Mahindra Finance detects Rs 150 cr loan fraud: What we know so far

In respect of retail vehicle loans disbursed by Mahindra Finance, the fraud involved forgery of KYC documents leading to embezzlement of company funds

M&M Finance detects Rs 150 cr vehicle loan fraud, postpones board meeting

Stock down 5.5 per cent at close on BSE

Mahindra Finance tanks 8% on deferring Q4 results due to Rs 150 cr fraud

On Monday, Mahindra Finance revealed that a financial fraud was detected during the end of 4th quarter of the financial year ended 31st March 2024

'Mahindra Finance aims to nearly double non-vehicle loan book in FY25'

Currently, non-vehicle finance comprises 5%-6% of the company's loan book. The target will be met in phases and may not exceed 10% in 2024-25, Iyer said

Mahindra Finance to foray into life, health, and general insurance

The company will initially invest Rs 5 crore to Rs 10 crore towards technology, hiring and training and certification

Rs 4,500 crore disbursed in September at 11% YoY growth: Mahindra Finance

For the first half of FY2024, Rs 25,500 crore was disbursed, leading to a growth of 20 per cent YoY

Borrowing costs may come down from Q3: Mahindra Finance's Ramesh Iyer

Ramesh Iyer, vice-chairman and managing director, tells Manojit Saha, in a telephonic interview, that NBFC is on track to increase its balance sheet to Rs 1.25 trillion by 2025

Mahindra Finance Q1FY24 results: Net profit rises 58% to Rs 353 crore

The revenue from operations was up 25 per cent to Rs 3,125.4 crore during the quarter

Fundraising activity in debt market gathers speed ahead of festival season

Nabard, Tata Capital, Mahindra Finance to tap into market

Mahindra Finance standalone net income rises 14% to Rs 684 cr in Q4

Mahindra Finance on Friday reported a 14 per cent growth in its net income at Rs 684 crore for the March quarter on a standalone basis, buoyed by healthy loan sales and the resultant increase in net interest income. The company said during the quarter, its disbursement grew 50 per cent to Rs 13,778 crore, taking the loan book to Rs 82,770 crore, which clipped at 27 per cent across 1 million new loan contracts. For the full year FY23, disbursements rose 80 per cent to Rs 49,541 crore. Net interest income also grew 24 per cent to Rs 3,057 crore in the reported quarter. With this, the company's full-year revenue stood at Rs 11,056 crore from which it earned Rs 1,984 crore, which is 101 per cent more than it had earned in FY22. During the March quarter, the net interest margin was at 7.4 per cent or Rs 1,723 crore, which is up 13 per cent. Gross bad loans ratio improved to 4.5 per cent from 5.9 per cent, while net bad loans was 1.9 per cent. Its provision coverage ratio stood at 59.5

Mahindra Finance to raise upto Rs 8,000 crore through debentures in FY24

The company continued to maintain a comfortable liquidity chest of about three months' requirement, according to the NBFC's filing with BSE

Mahindra Finance assets grow 27% in FY23 on strong credit offtake

Credit quality improves as stage-3 assets dip to 4.6%

Mahindra Finance gains 3% as RBI lifts ban on outsourcing loan recovery

On September 22, 2022, the RBI had directed company to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.

RBI Policy: Time to be selective in rate sensitives; keep DLF, SBI on radar

As per the charts, SBI and DLF need to conquer the near resistances at Rs 620 and Rs 420, respectively, for fresh gains to emerge.

M&M Financial Services net profit falls 55% to Rs 492 cr in July-September

Mahindra & Mahindra Financial Services (Mahindra Finance) on Wednesday reported over 55 per cent decline in its net profit at Rs 492 crore in the quarter ended September 2022. In the year ago same quarter ended September 2021, it had posted a net profit of Rs 1,103 crore. Total income increased 3 per cent to Rs 3,029 crore during the quarter under review against Rs 2,951 crore during the corresponding quarter last year, it said in a release. The non-banking finance company focused on providing financial services in the rural and semi-urban markets said in Q2FY22 it had witnessed significant reversal of impairment provisions due to improvement in asset quality which had deteriorated during Q1 FY22 during the second wave of Covid-19. This had resulted in a higher profit after tax.

Mahindra & Mahindra Financial Services raises Rs 275 crore by issuing bonds

Mahindra & Mahindra Financial Services on Monday said it has raised Rs 275 crore by issuing bonds on a private placement basis. A meeting of the committee of directors was held on October 31, 2022 and it approved the allotment of 2,750 secured redeemable principal protected non-convertible market linked debentures, the company said in a regulatory filing. The face value of the bond is Rs 10 lakh each, aggregating to Rs 275 crore. Mahindra Finance stock was trading at Rs 202.25, down 1.68 per cent on the BSE.