RBI lifts restriction on Mahindra & Mahindra Financial Services Ltd for outsourcing of repossession activity

On 22nd September 2022, the Reserve Bank of India ("RBI") had directed Mahindra & Mahindra Financial Services Limited ("the Company") to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.

Based on the submissions made by the Company and its commitment to strengthen its recovery practices and outsourcing arrangements, tighten the process of onboarding third party agents and strengthen accountability framework as per its Board approved action plan, the RBI, vide its letter dated 4th January 2023, has informed the Company of its decision to lift the aforementioned restrictions imposed on the Company with immediate effect.

Shares of Mahindra & Mahindra Financial Services Limited was last trading in BSE at Rs. 234.15 as compared to the previous close of Rs. 234.15. The total number of shares traded during the day was 118007 in over 1719 trades.

The stock hit an intraday high of Rs. 237.50 and intraday low of 231.80. The net turnover during the day was Rs. 27703910.00.

Source : Equity Bulls

Keywords

MahindraandMahindraFinancialServices INE774D01024 MahindraFinance RBI Restrictions Lifter Outsourcing Repossession