Mahindra Finance appoints Parag Rao as additional director

Mahindra & Mahindra Financial Services Ltd. has announced the appointment of Mr. Parag Rao as an additional director (non-executive and non-independent), effective December 10, 2025. This decision was made by the company's board of directors at their meeting on December 8, 2025, following a recommendation from the Nomination and Remuneration Committee. Mr. Rao's appointment is subject to the approval of the company's shareholders, which is expected to be obtained within three months from the appointment date, and he will be liable to retire by rotation.

Mr. Rao brings over 30 years of diverse experience in banking and FMCG sectors. His career includes a significant tenure with HDFC Bank since 2002, where he managed multiple P&Ls, led large Pan-India teams, and spearheaded the bank's technology and digital transformation initiatives. He also held key roles on the boards of HBL Global, HDFC Ergo, and National Payment Corporation of India (NPCI), and served on the Asia Pacific Client Council of VISA Inc and Global Advisory Board of Diners International Inc. His educational background includes a B. Tech from Regional Engineering College (REC), Jamshedpur, and an MMS from S.P. Jain Institute of Management.

The company confirmed that Mr. Parag Rao is not related to any other director on the board and is not debarred from holding a directorship by any SEBI order or other authority.