NHB Invests In Mahindra Rural Housing Finance

NHB Invests In Mahindra Rural Housing Finance to Encourage Financial Inclusion In Housing Finance Industry

June 12, 2013, Mumbai: Mahindra Rural Housing Finance Ltd. (MRHFL), a subsidiary of Mahindra & Mahindra Financial Services Ltd. (MMFSL), has announced that the National Housing Bank (NHB), an existing shareholder in MMFSL has invested in the company’s Rights Issue.

“The National Housing Bank, besides its supervisory role, also has a strong developmental role with respect to the housing finance industry. This investment reflects the bank’s focus on developing the housing finance industry by encouraging companies operating in niche areas, this Company which operates in the rural space has the potential for financial inclusion” said R. V. Verma, Chairman and Managing Director, National Housing Bank.

“This investment is a clear validation of the success of our business model which seeks to uplift rural communities through easier access to housing finance as well as improving social equity in a sustainable manner. This is aligned with the principle of Shared Value, which involves creating economic value while simultaneously building value for society by addressing its challenges,” said Ramesh Iyer, Chairman, Mahindra Rural Housing Finance Ltd.

Headquartered in Mumbai, MRHFL seeks to expand access to cost-effective and flexible home loans to a wide base of customers in rural India, ensuring that the basic need of shelter of this large ‘under banked’ customer base is met rapidly. MRHFL’s mission to ‘Transform Rural Lives’ is the guiding force for its employees and the company aspires to be the leader in the rural market by providing home loans to customers in rural and semi-urban India.

“Through our innovative business model, we have extended loans to more than 1,25,000 under banked rural customers thereby driving positive change in their lives. Our business exemplifies the Mahindra Group’s Rise philosophy which is based on the three pillars of Accepting No Limits. Alternative Thinking and Driving Positive Change.” said Anuj Mehra, Managing Director, Mahindra Rural Housing Finance Ltd.

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