Mahindra & Mahindra Financial Services Limited (MMFSL), a non-banking financial arm of Mahindra Group, may be looking to strengthen its top management team in this challenging environ, with the likely induction of Raul Rebello, Axis Bank’s executive vice-president and head of rural lending & financial inclusion, as their chief operating officer (COO).
Rebello has been working with Axis Bank since January 2003, and his domain knowledge in rural lending ties in well with MMFSL’s core focus.
The rural-focused lender has been going through a rough patch. Its Q1FY22 results showed gross non-performing asset (GNPA) ratio rising to 15.46 percent versus 8.96 percent quarter-on-quarter (QoQ).
MMFSL's stressed assets and restructured book too saw some deterioration. The restructured book increased to Rs 2,069 crore in Q1FY22 from Rs 63 crore in the preceding quarter. Overall, GNPA and restructured book together doubled QoQ to 18.08 percent of the book versus 9.04 percent QoQ.
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Sources privy to the developments told CNBC-TV18 that an announcement with respect to the appointment from M&M Financial Services can be expected very soon. CNBC-TV18 has written to Axis Bank and MMFSL, but neither had responded to CNBC-TV18’s queries till the time of publishing.
First Published: Aug 25, 2021 9:08 PM IST
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