Mahindra & Mahindra Financial Services (M&M Finance) is reportedly eyeing a universal bank licence, whose final guidelines are expected to be announced shortly. In 2013, the NBFC had decided to drop its plans for a banking licence because it found the guidelines for new banks in the private sector did not provide any flexibility for NBFCs and banks to co-exist for a reasonable period of time.
The objective of setting up of payments bank is to further financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low-income households, small businesses, other unorganised sector entities, and other users.
Mahindra & Mahindra Financial Services is a large non-banking finance company and M&M is a leading Indian automobile company. Besides financing M&M's vehicles, MMFSL is also the holding company of the group's other financial services forays, including rural housing finance.
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