Sanjiv Bajaj, Chairman of Bajaj Finserv, the holding company for various financial services of the Bajaj Group, has expressed that Bajaj Finance is not concerned about the entry of new players into the financial services sector. He emphasized that the market is vast enough to accommodate multiple players, stating, "The market is large enough. There are many bigger brothers and sisters that we have. Even being present in 4,000 cities (currently) with assets close to ₹3 lakh-crore, we still have less than 2% of India’s credit market."
Responding to inquiries about Reliance Industries (RIL) foray into financial services through Jio Financial Services, Bajaj acknowledged the digital prowess and customer base of Jio but noted that the details of their plans were not known, making it challenging to provide a comprehensive comment. He also mentioned that there is an opportunity for both collaboration and competition in the financial services sector, saying, "India needs ten more Bajaj Finances and ten more HDFC Banks."
Bajaj further discussed the expansion plans of Bajaj Finance, explaining that the company has moved beyond India's top 100 cities, where most competition is concentrated, and is gradually entering more businesses. He revealed, "In the next three years, we want to go from 4,000 towns and cities to 5,000 towns and cities. We are entering gradually into more businesses. We have 20 businesses and 47 products right now and soon we get into four-wheeler financing, tractor financing, and micro-financing — all in the next two to three years."
Bajaj Finance, the lending arm of the Bajaj Group, is India's largest non-bank consumer financier, with a diverse loan portfolio that includes two- and three-wheeler finance, commercial lending, loans against securities, and SME lending. The company was established in 2008, following its demerger from Bajaj Auto a year earlier.
Highlighting Bajaj Finance's substantial growth, Bajaj mentioned that the company now processes 120,000 loans per day, a significant increase from the 100,000 loans processed each month in 2014-15. He acknowledged the existence of global risks due to factors such as a slowdown in Europe, the war in Ukraine, and local issues like high inflation but expressed confidence in India's relative resilience in the face of these challenges, stating that the country remains better positioned than most of the world.
Sanjiv Bajaj, Chairman of Bajaj Finserv, the holding company for various financial services of the Bajaj Group, has expressed that Bajaj Finance is not concerned about the entry of new players into the financial services sector. He emphasized that the market is vast enough to accommodate multiple players, stating, "The market is large enough. There are many bigger brothers and sisters that we have. Even being present in 4,000 cities (currently) with assets close to ₹3 lakh-crore, we still have less than 2% of India’s credit market."
Responding to inquiries about Reliance Industries (RIL) foray into financial services through Jio Financial Services, Bajaj acknowledged the digital prowess and customer base of Jio but noted that the details of their plans were not known, making it challenging to provide a comprehensive comment. He also mentioned that there is an opportunity for both collaboration and competition in the financial services sector, saying, "India needs ten more Bajaj Finances and ten more HDFC Banks."
Bajaj further discussed the expansion plans of Bajaj Finance, explaining that the company has moved beyond India's top 100 cities, where most competition is concentrated, and is gradually entering more businesses. He revealed, "In the next three years, we want to go from 4,000 towns and cities to 5,000 towns and cities. We are entering gradually into more businesses. We have 20 businesses and 47 products right now and soon we get into four-wheeler financing, tractor financing, and micro-financing — all in the next two to three years."
Bajaj Finance, the lending arm of the Bajaj Group, is India's largest non-bank consumer financier, with a diverse loan portfolio that includes two- and three-wheeler finance, commercial lending, loans against securities, and SME lending. The company was established in 2008, following its demerger from Bajaj Auto a year earlier.
Highlighting Bajaj Finance's substantial growth, Bajaj mentioned that the company now processes 120,000 loans per day, a significant increase from the 100,000 loans processed each month in 2014-15. He acknowledged the existence of global risks due to factors such as a slowdown in Europe, the war in Ukraine, and local issues like high inflation but expressed confidence in India's relative resilience in the face of these challenges, stating that the country remains better positioned than most of the world.
Sanjiv Bajaj, Chairman of Bajaj Finserv, the holding company for various financial services of the Bajaj Group, has expressed that Bajaj Finance is not concerned about the entry of new players into the financial services sector. He emphasized that the market is vast enough to accommodate multiple players, stating, "The market is large enough. There are many bigger brothers and sisters that we have. Even being present in 4,000 cities (currently) with assets close to ₹3 lakh-crore, we still have less than 2% of India’s credit market."
Responding to inquiries about Reliance Industries (RIL) foray into financial services through Jio Financial Services, Bajaj acknowledged the digital prowess and customer base of Jio but noted that the details of their plans were not known, making it challenging to provide a comprehensive comment. He also mentioned that there is an opportunity for both collaboration and competition in the financial services sector, saying, "India needs ten more Bajaj Finances and ten more HDFC Banks."
Bajaj further discussed the expansion plans of Bajaj Finance, explaining that the company has moved beyond India's top 100 cities, where most competition is concentrated, and is gradually entering more businesses. He revealed, "In the next three years, we want to go from 4,000 towns and cities to 5,000 towns and cities. We are entering gradually into more businesses. We have 20 businesses and 47 products right now and soon we get into four-wheeler financing, tractor financing, and micro-financing — all in the next two to three years."
Bajaj Finance, the lending arm of the Bajaj Group, is India's largest non-bank consumer financier, with a diverse loan portfolio that includes two- and three-wheeler finance, commercial lending, loans against securities, and SME lending. The company was established in 2008, following its demerger from Bajaj Auto a year earlier.
Highlighting Bajaj Finance's substantial growth, Bajaj mentioned that the company now processes 120,000 loans per day, a significant increase from the 100,000 loans processed each month in 2014-15. He acknowledged the existence of global risks due to factors such as a slowdown in Europe, the war in Ukraine, and local issues like high inflation but expressed confidence in India's relative resilience in the face of these challenges, stating that the country remains better positioned than most of the world.
