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Bajaj Finance trims loans to those with several small loans
Mint Mumbai
|October 18, 2023
Bajaj Finance has preemptively reduced business by 8-14% in urban and rural areas to customers who already have a number of small ticket loans, managing director Rajeev Jain told analysts on Tuesday.
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“We have cut between 8-14% of the business in urban and rural (14% in rural and 8% in rural) as a preventive measure to those who have more small ticket loans. While they may be short term in nature, they represent imprudence. We would have liked to publish this data but for technical reasons we could not publish," said Jain.
Jain had said in July that Bajaj Finance was working on a leverage analysis and planned to share an update in October, eventually publishing it annually. To be sure, Jain has been highlighting the growth in leverage among a section of borrowers in the industry and had said it was taking preemptive steps to “stay out of trouble".
“We wanted to really publish, we were ready but principally the (credit) bureau technically did not allow us to publish and rightfully so. We can share some updates," said Jain.
This story is from the October 18, 2023 edition of Mint Mumbai.
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