MRHFL and IPPB tie up to provide cash management solution

Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra and Mahindra Financial Ltd, and India Post Payments Bank (IPPB) on May 24 announced a strategic partnership for cash management solution.

As part of the tie-up, IPPB will be offering cash management and collection services to MRHFL through its access points and postal service providers, said a press release. With the cash management service, MRHFL customers will be able to repay their monthly or quarterly loan installments at over 136,000 post offices.

The tie-up, said the release, is a significant partnership in the financial services sector and is aimed at customer inclusivity by both the partners. IPPB’s large national network combined with its simple, scalable and replicable technology framework has facilitated the deployment of cash management solution to meet the requirements of MRHFL, it added.

J Venkatramu, MD & CEO, India Post Payments Bank, “As technology continues to evolve and creates new ways of doing business, it has been our constant endeavour to offer our customers and partners accessible and affordable banking solutions. Cash management being the lifeline of business operations, IPPB with its robust network and technology platform can help corporates to manage their receivables safely, securely and seamlessly. We are committed to working with Mahindra Rural Housing Finance in its pursuit of transforming lives in rural areas and remove barriers for the unbanked and underbanked by reaching the last mile leveraging the vast reach of the postal network.”

Anuj Mehra, Managing Director, Mahindra Rural Housing Finance said, “At Mahindra, we keep on looking at innovative solutions to enhance the customer support for our customers. The tie-up with IPPB is a step in that direction which we believe will provide our customers access to efficient banking services and enable them to become financially secure and empowered. I am grateful to IPPB for agreeing to partner with us on this unique solution which will enable our customers to Rise”.