Insta
Mahindra Group May Apply For A Banking Licence, Says New Managing Director Of The Conglomerate Anish Shah
Anish Shah, MD, Mahindra & Mahindra (M&M) (Image via Twitter)
Mahindra & Mahindra (M&M) conglomerate may apply for a banking licence in the times to come as per the new managing director Anish Shah, reports Economic Times.
Shah said that the Group will look at securing a banking licence for its NBFC entity Mahindra Finance and exuded confidence that from a governance point of view, it will meet all the criteria which are laid out by the Government.
Shah also highlighted that in the present day, the Group does not borrow from Mahindra Finance, and if anything, it actually lends money to the NBFC entity sometimes. He highlighted that the Group had put in capital into Mahindra Finance earlier this year as well.
Stressing on the aforementioned points, Shah asserted, "So, from a governance standpoint, we are very clear that we would meet all standards."
It should be noted though that the Anand Mahindra-headed conglomerate is still to decide if its foray into banking will be through an acquisition of a private bank or a public sector bank.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
