Mahindra & Mahindra Ltd.

BSE: 500520 | NSE: M&M
Large Cap | Automobiles - Passenger Cars
3108.50
-50.85 (-1.61%)
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M&M’s arm to acquire 50% stake in the proposed Payment Bank

Date: 27-04-2015

Mahindra & Mahindra’s (M&M) financial arm - Mahindra Finance is likely to hold up to 50 percent stake in the proposed Payment Bank, for which a group entity has applied for a licence from RBI.

Tech Mahindra, also a subsidiary of M&M, has applied to the Reserve Bank of India (RBI) for a permit to set up Payment Bank, the licences for which are expected to be granted in the next few months. Tech Mahindra is among the 41 applicants who are vying for a Payment Bank licence from the RBI.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.