Mahindra & Mahindra Financial Services Limited has announced that its Board of Directors has approved the appointment of Parag Rao as an Additional Director (Non-Executive, Non-Independent), effective 10 December 2025, according to an exchange filing. The decision was taken at the Board meeting held on 8 December 2025, based on the recommendation of the Nomination and Remuneration Committee.
The company said that Rao’s appointment is subject to shareholder approval, which will be obtained within three months. He will be liable to retire by rotation as per company rules.
Rao brings over three decades of experience across banking and FMCG. He has been associated with HDFC Bank since 2002, leading multiple portfolios including payments, acquiring business, technology, digital transformation, and liability product management. He has also served on the boards of HBL Global, HDFC Ergo, and NPCI, and has been part of VISA’s Asia Pacific Client Council and Diners International’s Global Advisory Board. His previous stints include roles at Crompton Greaves, Cadbury, Hindustan Unilever, PepsiCo India, and IBM Global Services.
Mahindra Finance confirmed that Rao is not related to any existing director and is not debarred by SEBI or any authority from holding a directorship.
