Mahindra Finance surges on entering into strategic partnership with India Post Payments Bank

Mahindra & Mahindra Financial Services is currently trading at Rs. 215.80, up by 4.35 points or 2.06% from its previous closing of Rs. 211.45 on the BSE.

Mahindra Finance
Mahindra Finance

The scrip opened at Rs. 213.95 and has touched a high and low of Rs. 218.85 and Rs. 211.70 respectively. So far 174453 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 235.00 on 15-Sep-2022 and a 52 week low of Rs. 127.95 on 07-Mar-2022.

Last one week high and low of the scrip stood at Rs. 212.05 and Rs. 198.55 respectively. The current market cap of the company is Rs. 26477.67 crore.

The promoters holding in the company stood at 52.16%, while Institutions and Non-Institutions held 35.50% and 12.34% respectively.

Mahindra & Mahindra Financial Services (Mahindra Finance) has entered into a strategic partnership with India Post Payments Bank (IPPB) to further enhance credit access to a larger customer base. As a part of this alliance, India Post Payments Bank (IPPB) will provide Lead referral services to MMFSL for Passenger Vehicles, 3-Wheeler, Tractor and Commercial Vehicle Loan categories and provide cash EMI deposit facility to existing MMFSL Customers at Post Offices.

As a pilot, this scheme would first go live in IPPB branches in the states of Maharashtra and Madhya Pradesh. It is expected to spread across other states over the next 4-6 months.

With this IPPB will also be able to expand its financial product portfolio within the payments bank licensing framework.

The complete step by step guidance will be available at IPPB network, to ensure a hassle-free experience to all potential customers. With the launch of Cash Management services, Mahindra Finance customers can visit Post Office to deposit EMI payment.

Mahindra Finance is one of India’s leading non-banking finance companies.

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