Mahindra Finance appoints Padmaja Chunduru as independent director

Mahindra & Mahindra Financial Services Ltd. announced the appointment of Ms. Padmaja Chunduru as an additional director (independent and non-executive) to its board, effective November 10, 2025. Her term will span five consecutive years, concluding on November 9, 2030. This appointment, based on the recommendation of the nomination and remuneration committee, is subject to shareholder approval, which is expected within three months of the appointment date.

Ms. Chunduru brings over 37 years of experience in banking and capital markets across India and the USA. Her career includes leadership roles as managing director and chief executive of NSDL (National Securities Depository Ltd.) and Indian Bank, and as deputy managing director of State Bank of India, where she headed digital banking services and SBI's US operations. Currently, she serves as an independent director on the boards of several companies, including Bajaj Life and General Insurance Companies, Atul Ltd, Brigade Enterprises Ltd., and Sify Technologies Ltd. She is also a member of the Insurance Advisory Committee of IRDAI and the CCGS Advisory Council, IIMB.

Recognized for her leadership, Ms. Chunduru has been awarded best CEO (BFSI) for 2021 by Business Today and best CEO 2021 for women leadership by Economic Times. Fortune India and Business Today also acknowledged her as one of the most powerful women in business in 2022 and 2023. The company confirmed that Ms. Chunduru is not related to any existing directors and is not debarred from holding office by any SEBI order or other authority. The board meeting to approve this appointment commenced at 2:27 p.m. IST and concluded at 5:27 p.m. IST on October 28, 2025.