M&M Finance partners with India Post payments Bank

M&M finance: In a big move, Mahindra and Mahindra Financial Services Ltd (MMFSL) on Tuesday announced a strategic partnership with India Post Payments Bank (IPPB) to enhance credit access to a larger customer base. Following this move, the stock prices jumped more than 1 per cent. 

On BSE, M&M Finance stock quoted a price of ₹214.80 apiece as of 12:10 PM, up by 1.49 per cent. On NSE, the stock surged 1.47 per cent to trade at ₹214.55 per share. 

Through this partnership, IPPB will provide lead referral services to MMFSL for Passenger Vehicles, 3-Wheeler, Tractor, and Commercial Vehicle Loan categories and provide a cash EMI deposit facility to existing MMFSL Customers at Post Offices. 

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

This partnership will make IPPB one of the largest platforms for availing credit products. 

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