M&M Financial Services has announced a significant addition to its leadership team. The company's Board of Directors has approved the appointment of Mr. Parag Rao as an Additional Director in a non-executive and non-independent capacity, effective December 10, 2025.

Key Appointment Details

Background and Experience

Mr. Parag Rao brings over three decades of diverse experience in the Banking and FMCG sectors to M&M Financial Services. His appointment follows a recommendation by the company's Nomination and Remuneration Committee, highlighting the strategic nature of this addition to the board.

Professional Highlights

• HDFC Bank Association: Mr. Rao has been with HDFC Bank since 2002, where he has managed multiple P&Ls and led large Pan-India teams.
• Leadership in Payments: Since 2010, he has played a crucial role in establishing and maintaining HDFC Bank's market leadership in the payments and acquiring spaces.
• Technology and Digital Transformation: He headed the Technology & Digital Transformation function at HDFC Bank, driving the bank's technology and digital transformation agenda.
• Product Management: Recent responsibilities included heading the liability product management group of HDFC Bank.

Board Experience

Mr. Rao's expertise extends to various board positions, including:

• HBL Global (HDFC Bank's Sales Subsidiary, later merged with HDB Financial Services)
• HDFC Ergo (Non-Life Insurance subsidiary of HDFC Bank)
• National Payment Corporation of India (NPCI)

Additionally, he has served on the Asia Pacific Client Council of VISA Inc and the Global Advisory Board of Diners International Inc.

Educational Background

This appointment underscores M&M Financial Services' commitment to strengthening its board with experienced professionals from the financial services sector. Mr. Rao's extensive background in banking, digital transformation, and product management is expected to bring valuable insights to the company as it navigates the evolving landscape of financial services in India.

Mahindra & Mahindra Financial Services has received strong credit rating reaffirmations from two leading rating agencies on December 11, 2025, reinforcing its robust financial position in the market. The company informed BSE and NSE about these developments under Regulation 30 of SEBI Listing Regulations.

India Ratings & Research Assessment

India Ratings & Research Private Limited reaffirmed its top-tier ratings for M&M Financial's debt instruments. The agency assigned 'IND AAA' rating with Stable outlook to long-term instruments and 'IND A1+' rating to short-term commercial paper:

The 'IND AAA' rating indicates the highest degree of safety regarding timely servicing of financial obligations, while 'IND A1+' represents the strongest degree of safety for short-term instruments.

CRISIL Ratings Reaffirmation

CRISIL Ratings Limited maintained its 'CRISIL AAA/Stable' rating for M&M Financial's long-term debt instruments, demonstrating continued confidence in the company's creditworthiness:

The 'CRISIL AAA' rating denotes the highest degree of safety regarding timely fulfillment of financial obligations, indicating that these instruments carry the lowest credit risk.

Market Implications and Regulatory Compliance

These rating reaffirmations carry significant implications for M&M Financial Services. The AAA ratings reflect the company's strong financial health and ability to meet its financial commitments, potentially leading to lower borrowing costs as higher ratings typically translate to more favorable interest rates.

The company has ensured full regulatory compliance by informing both BSE (Scrip Code: 532720) and NSE (Symbol: MMFIN) about these rating reaffirmations. The detailed credit rating information has also been uploaded on the company's official website under the investor relations section for stakeholder transparency.

For investors, these reaffirmations enhance confidence, particularly for those considering the company's fixed deposits or debt instruments, while underscoring M&M Financial's stable outlook in the competitive financial services sector.