Ramesh Iyer has played a pivotal role in the journey of Mahindra & Mahindra Financial Services Ltd. (MMFSL) in transforming it from a captive vehicle finance business to India’s largest rural non-banking financial services company.
MMFSL has four subsidiaries viz. (1) Mahindra Rural Housing Finance Company Limited (2) Mahindra Insurance Brokers Limited (3) Mahindra Asset Management Company Private Limited (4) Mahindra Trustee Company Private Limited. MMFSL also has entered into a U.S. joint venture with De Lage Landen Financial Services Inc., (DLLFS) a wholly-owned subsidiary of the Rabobank Group known as Mahindra Finance USA, LLC.
Ramesh as the Vice Chairman & Managing Director of MMFSL, leads a team of young managers who work with over 19,000 employees in more than 1,390 branches spread across the country.
Ramesh joined MMFSL, as General Manager – Operations in 1994, after a successful stint at Ashok Leyland. He was soon elevated to the Chief Executive Officer position in 4 years and then became Managing Director in 2001. Mr. Iyer is now the Vice Chairman & Managing Director since 2016. Mr. Iyer is also a member of the Group Executive Board since 2010 and a President – Financial Services Sector of the Mahindra Group since 2015. Ramesh has always believed in the power of the semi-urban and rural markets. Under him, MMFSL set out to tap the latent potential of the rural financial services market and benefitted from a robust loan growth even amidst rising interest rates and unfavourable market conditions.
Today, MMFSL offers Vehicle, Tractors, Personal, SME, Housing Loans with a network of 1,390 branches serving 4 million customers across 25 states in India and is one of the leading auto finance NBFC. MMFSL has rural penetration covering around 3 Lakhs villages and manages Asset Under Management (AUM) of approx. Rs. 45,000 Crores.
MMFSL also offers Insurance Products, viz., Fixed Deposits and has a Mutual Fund business which meets the needs of customers from Semi-urban / Rural India. It has a well penetrated Insurance Broking Business providing products like Life and General Insurance products of various Insurance Companies.
Treading on the growth map laid out by Ramesh, the company plans to double its presence in rural areas by adding 80-100 branches every year till FY-20 and intends to increase its geographical footprint by expanding globally into USA, South Korea, China, South Africa and other geographies where Mahindra group has a significant presence.
Ramesh with his wealth of knowledge and experience adds value to the Group Executive Board of Mahindra & Mahindra and the Boards of various Mahindra Group companies.
Ramesh is a key player in the country’s financial sector affecting policy change as a member of the Banking & Finance Committee of the Bombay Chamber of Commerce and Industry, the Finance Industry Development Council (FIDC), and the Taskforce of NBFCs of the Federation of Indian Chambers of Commerce and Industry (FICCI). He also serves as Co-Chairman of the Group on Finance & Leasing and Insurance of the Council of Economic Affairs, and helped set up the Society of Indian Automobile Manufacturers (SIAM). Ramesh also Chairs the CII National Committee on NBFCs and also Chairs the CII WR Task Force on Human Resources.
Mr. Iyer is also a recipient of various prestigious awards, the most recent ones are: ‘Best CEO – Financial Services Sector Mid Cap’ award by Business Today, 2 awards in the category ‘CEO of the Year’ & ‘Most Admired Rural Entrepreneur of the Year Award’ at The Rural Marketing Forum and Awards, conducted by CMO Asia and also an award in the category ‘CEO – FINANCIAL SERVICES’ at the CEO AWARDs 2015 organised by CEO India magazine. Mr. Iyer was also one of the finalists in the CNBC 15th Asia Business Leaders Awards 2016 held in Jakarta, Indonesia on 23rd November 2016 and has been recently featured in Business Today magazine in the top 40 BFSI CEOs of India.