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Tech Mahindra, Mahindra Finance to jointly own new bank

Two Mahindra and Mahindra Group companies – Tech Mahindra and Mahindra Finance – will join forces to launch the payments bank, for which Tech Mahindra has received the ‘in-principle’ approval. The proposed bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, as equal partners. The group feels this foray is another example of the group’s determination to drive positive change within its ecosystem and beyond. The ultimate vision is to create a technology led payments bank that will reach every customer in India. Anand Mahindra, chairman, Mahindra Group, said this initiative will contribute to the creation of a truly ‘Digital India’ that empowers every citizen to enhance the quality of their lives. He said the proposed bank will use the ‘click and brick’ model to ensure easy accessibility for every user of this new payment bank. C.P. Gurnani, CEO & MD, Tech Mahindra, said as a leading global player with a strong presence and the trust bestowed upon the Mahindra brand the company is truly in the right spot to deliver on its mission of financial inclusion not only in India but across the globe. Ramesh Iyer, CEO & MD, Mahindra Finance, said this initiative could be a potential game changer for the under served customers especially in rural India and the new bank hopes to leverage the Group’s rural understanding and digital capabilities to deliver relevant financial solutions and thereby catalyze the transformation of Bharat.

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