The history of Mahindra Finance has been a history of continuous ascent. Listed below are the important events and milestones in the story of Mahindra Finance.
We were incorporated on January 1, 1991 as Maxi Motors Financial Services Limited and received certificate of commencement of business on February 19, 1991. Our name was changed to Mahindra & Mahindra Financial Services Limited on November 3, 1992. We are registered with the Reserve Bank of India as an NBFC. The Company is having a valid Certificate of Registration No. 13.00996 issued by the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934 classifying it as an ‘Asset Finance Company – Deposit Taking’.
Our Milestones:
- Commenced financing of Mahindra
and Mahindra Utility Vehicles.
- Opened our first branch outside Mumbai,
at Jaipur.
- Commenced financing M&M dealers for purchase of tractors.
- Launched a pilot project for retail tractor financing.
- Commenced tractor retail financing in rural and semi-urban areas
- Total Assets crossed the 10 billion mark.
- Commenced financing of non-Mahindra & Mahindra vehicles.
- Received Tier II debt from International Finance Corporation.
- Made our first securitisation transaction of Rs 438.8Million.
- Opened a branch in Port Blair.
- Received a long-term credit rating of AA+/Stable.
- Commenced Insurance Broking through our subsidiary MIBL.
- Securtisation of tractor assets of Rs.256.6 million.
- Listing of non convertible debentures on BSE on the wholesale
debt market segment.
- Tied up with HPCL Made Mahindra Insurance Brokers Ltd
our wholly owned subsidiary.
- Issued our IPO.
- Tied up with Maruti Udyog Limited.
- Reach extended to over 400 branches.
- Commenced the home loan business through our subsidiary,
Mahindra Rural Housing Finance Limited (MRHFL)
- Recommenced Fixed Deposit programme.
- Received 12.5% equity participation from NHB for our Subsidiary Mahindra Rural Housing Finance Ltd.
- Loan against Gold launched in Kerala.
- Assets Under Management crosses Rs. 10000 crores.
- PBT crosses Rs. 500 crores.
- Branch network crosses 550 branches.
- More than 2 lakh new customer contracts in a financial year for the first time.
- Crossed the benchmark of
Rs. 100 billion in Total Assets
- Maiden QIP Issue
- Joint Venture with Rabobank
subsidiary for tractor financing
in USA and ventured into
SME financing