Mahindra & Mahindra (M&M) conglomerate may apply for a banking licence in the times to come as per the new managing director Anish Shah, 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.
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