Mr. Parag Rao,is an Electrical Engineer from REC Jamshedpur and an MMS from S.P Jain Institute of Management Mumbai.

He has joined M&M as a Growth Leader for Financial Services, effective 27th October 2025 and is a member of Mahindra Group Executive Board and Senior Management Personnel at M&M.

He has over 30 years of experience across FMCG & Retail Banking sectors. He has worked in companies such as Crompton Greaves, Cadburys, Hindustan Unilever, Pepsico India, IBM Global Services and HDFC Bank.

Over his entire career span, Mr. Parag Rao has worked extensively in Sales & Distribution across multiple geographies in India and several Product / Brand stints. He has developed a keen understanding of driving scale growth across product categories and diverse geographies including semi urban & rural India. His brands stints have given him extensive insights into consumer behaviour, building profitable product portfolios, customer engagement and Customer satisfaction as strategic levers of market dominance.

In his longest stint at HDFC Bank, Mr. Parag Rao was responsible for multiple P & L’s and pan-India teams. He has played a leadership role driving HDFC Bank to be a market leader in Payments business. At a critical juncture for the bank in 2020, he has also headed and spearheaded the Technology & Digital Transformation of the Bank to transform it from a conventional to a true Digital enabled Bank. He has also headed the Liability Product Group and Marketing function for the Bank responsible for growing the Liability franchise, High Network Programs, 3rd Party Distribution products, Branding and Consumer Analytics

He has played stellar growth roles sitting on the Boards of HBL Global (HDFC Banks Sales Subsidiary) since merged with HDB Financial Services, HDFC Ergo (Non-Life Insurance subsidiary of HDFC Bank) and National Payment Corporation of India (NPCI). He has also played a pivotal role on the Asia Pacific Client Council of VISA Inc and Global Advisory Board of Diners International Inc.