M&M Finance partners with India Post Payments Bank; stock jump

 

M&M Finance: This partnership will make IPPB one of the largest platforms for availing credit products.

M&M Finance announces strategic partnership with India Post Payments Bank (IPPB) to enhance credit access

M&M Finance: In a major move, Mahindra & Mahindra Financial Services Ltd (MMFSL) on Tuesday announced a strategic partnership with India Post Payments Bank (IPPB) to enhance credit access to a large customer base. Share prices jumped more than 1 per cent after this move.

On BSE, the stock of M&M Finance traded 1.49 per cent higher at Rs 214.80 as of 12:10 pm. On NSE, the stock was trading 1.47 per cent higher at Rs 214.55 per share.

M&M Finance in partnership with India Post Payments Bank

Through this partnership, IPPB will provide lead referral services to MMFSL for passenger vehicles, 3-wheeler, tractor and commercial vehicle loan categories and will provide cash EMI deposit facility to existing MMFSL customers in post offices.

The pilot scheme will be live in IPPB branches in Maharashtra and Madhya Pradesh and then spread to other states in the next 4-6 months.

This partnership will make IPPB one of the largest platforms to avail credit products.

“The partnership with MMFSL is a milestone in IPPB’s journey to become one of the largest platforms for availing credit products by our customers to meet the diverse needs of IPPB, providing our customers with a comprehensive customer-centric, convenient and in line with our focus on providing digital solutions, said J Venkataramu, MD & CEO, IPPB.

This partnership will enable MMFSL to reach out to a larger set of IPPB's network, "We are delighted to partner with IPPB which will enable us to reach out to a larger set of IPPB's network. Mahindra Finance Vice Chairman and Managing Director Ramesh Iyer said, this association will enable customers with financial security, empowerment and ease of repayment.

zee business on partnership

According to Anil Singhvi, Managing Editor, Zee Business, this partnership will give a huge advantage to MMFSL as it will enable them to reach across the country without any cost as there are post offices across the country. He said, this is a very positive news for MMFSL as it will help them to enter the micro sectors.