[maven] How to specify an alternate location for the .m2 folder or settings.xml permanently?

Below is the configuration in Maven software by default in MAVEN_HOME\conf\settings.xml.

<settings>
  <!-- localRepository
   | The path to the local repository maven will use to store artifacts.
   |
   | Default: ~/.m2/repository
  <localRepository>/path/to/local/repo</localRepository>
  -->

Add the below line under this configuration, will fulfill the requirement.

<localRepository>custom_path</localRepository>

Ex: <localRepository>D:/MYNAME/settings/.m2/repository</localRepository>