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>