Mahindra & Mahindra Financial Services Limited announced the appointment of Mr. Mahesh Rajaraman as Chief Risk Officer of the Company, forming part of Senior Management Personnel ("SMP") of the Company. Effective Date of Appointment: August 1, 2024. Term of Appointment: ­ 5 years.

Mr. Mahesh Rajaraman, M.Sc (Mathematics) and MBA, aged about 52 years, holds 29 years of experience in Banking Sector with demonstrated ability in leading and building high performing teams. During his long and illustrious tenure, he has been associated with various Banks viz. YES Bank (8 years), HDFC Bank (12 years), HSBC Bank (2 years), ANZ Grindlays Bank (7 years). Mr. Mahesh Rajaraman has resigned from City Union Bank where he is serving as Head ­ Credit.

During his overall banking career, his areas of expertise and specialization include Retail Assets, Credit Cards, Agri Lending & SME domains in the domains of Policy /Risk, Underwriting, Collections (Consumer business), Fraud Risk Management (Assets, Payments & Liability Products) and Anti Money Laundering across all banking products. Other credentials of Mr. Mahesh Rajaraman include certifications viz. CAMI and IRM Level 1. He was in advisory board of Mastercard Global Fraud Advisory council (GFAC) and was also Chairman for Prepaid International Forum (India Chapter).

The company announced that Ms. Mallika Mittal, Chief Risk Officer ("CRO") of the Company, has tendered resignation from the services of the Company for exploring opportunities externally. Ms. Mallika Mittal has ceased to be the CRO of the Company, effective May 17, 2024 end of day. Her resignation would be effective from close of business hours of 16 November 2024, when she would cease to be employee of the Company and also cease to be Senior Managerial Personnel of the Company.

In the Interim, Mr. Gaurav Verma, Head Underwriting & Product Policy, having around 18 years of comprehensive experience in SME/Retail lending including Risk Management will move from his current role to Risk Department and exclusively oversee the Risk Management function and would be responsible for the responsibilities under the role of CRO until Mr. Mahesh Rajaraman joins as the CRO of the Company.