Mahindra Group May Apply For A Banking Licence, Says New Managing Director Of The Conglomerate Anish Shah

Mahindra & Mahindra (M&M) conglomerate may apply for a banking licence in the times to come as per the new managing director Anish Shah, reports Economic Times.

Shah said that the Group will look at securing a banking licence for its NBFC entity Mahindra Finance and exuded confidence that from a governance point of view, it will meet all the criteria which are laid out by the Government.

Stressing on the aforementioned points, Shah asserted, "So, from a governance standpoint, we are very clear that we would meet all standards."

It should be noted though that the Anand Mahindra-headed conglomerate is still to decide if its foray into banking will be through an acquisition of a private bank or a public sector bank.