Mahindra Finance Expands Services with IRDAI Approval

Mahindra & Mahindra Financial Services, a prominent player in India’s non-banking finance sector, has secured a corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI). This license empowers Mahindra Finance to act as a ‘corporate agent (composite)’ under the Insurance Act, 1938, facilitating the distribution of insurance products.

Diversifying Product Portfolio

With this approval, Mahindra Finance can now offer tailored insurance plans to its vast customer base. This move not only broadens the company’s product portfolio but also integrates insurance solutions into its existing services. By meeting both financial and insurance needs under one roof, Mahindra Finance aims to enhance customer experience and satisfaction.

Revenue Expansion Strategy

The corporate agency license marks a significant milestone in Mahindra Finance’s journey of empowering customers with top-notch products and services. This diversification strategy is expected to unlock new revenue streams while leveraging the company’s extensive network of over 1360 branches and dedicated personnel. Raul Rebello, managing director & CEO of Mahindra Finance, highlights the importance of this license in delivering personalized services and promoting innovation.

Mahindra Finance in Brief

As a subsidiary of the Mahindra Group, Mahindra & Mahindra Financial Services is renowned for its focus on the rural and semi-urban sectors. With a customer base exceeding 10 million and assets under management (AUM) surpassing $11 billion, the company offers vehicle and tractor financing, loans to SMEs, and fixed deposits. Despite a slight decline in standalone net profit in Q4 FY24, Mahindra Finance remains a key player in India’s NBFC landscape.

Piyush Shukla

Recent Posts

Indian Oil Welcomes Arvindar Singh Sahney as New Chairman

Arvindar Singh Sahney has been appointed as the new chairman of Indian Oil Corporation (IOC),…

12 hours ago

List of Chief Justice of India from 1950-2024

Chief Justice of India The Chief Justice of India (CJI) is the highest-ranking judge and…

13 hours ago

MHA Greenlights CISF’s First All-Women Unit

The Ministry of Home Affairs (MHA) has approved the creation of the Central Industrial Security…

13 hours ago

Aravindh Chithambaram Clinches Masters Title at Chennai Grandmasters 2024

GM Aravindh Chithambaram made a remarkable late surge in the final rounds, winning the last…

13 hours ago

PM Modi’s Three-Nation Visit: G20 Summit in Brazil, Nigeria, and Guyana (Nov 16-21)

Prime Minister Narendra Modi is set to undertake a crucial three-nation tour from November 16-21,…

14 hours ago

New Bike Taxi Service by Delhi Metro Includes Women-Driven Rides

Delhi Metro has introduced a new bike taxi service, available for booking through the official…

14 hours ago