With this association, Mahindra Finance plans to digitally empower its retail loan collections.

The Credgenics platform will enable Mahindra Finance in streamlining and digitizing borrower communications including litigation modules across the loan portfolio.

By consolidating capabilities distributed across multiple vendors, the Credgenics platform will reduce the processing time and provide comprehensive tracking and monitoring capabilities at pincode & village level to the loan teams.

Ramesh Iyer, vice-chairman & managing director, Mahindra Finance, said, “With changing times, there is a perceptible change in customer behaviour and expectations.

Rural India has been embracing the digital economy especially payments; our aim is to ensure a delightful and engaging experience to all our customers. With the help of Credgenics we will deploy potent capabilities in providing customer self-service solutions and phygital/assisted solutions; further reducing our costs and strengthening our overall collection efficacy.”

Mahindra & Mahindra Financial Services (Mahindra Finance) is a non-banking financial company (NBFC). Mahindra Finance ranks among the larger NBFCs in India with gross loan assets of Rs 64,961 crore as on 31 March 2022. The company finances consumer purchases of UVs, LCVs, tractors, cars, and other assets.

The company's net profit surged to Rs 601 crore in Q4 FY22 from Rs 150 crore in Q4 FY21. Total income declined 6.5% to Rs 2,466.36 crore in Q4 FY22 from Rs 2,637.51 crore in Q4 FY21. The scrip shed 0.39% to currently trade at Rs 203.15 on the BSE.