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Bajaj Auto seeks RBI nod for new NBFC as Bajaj Fin diversifies
Mint Mumbai
|July 10, 2023
Two and three-wheeler maker Bajaj Auto Ltd said it is setting up a wholly-owned subsidiary, Bajaj Auto Consumer Finance Ltd, and has applied to the Reserve Bank of India for a non-banking financial company (NBFC) licence
This follows the automaker's erstwhile captive finance company Bajaj Finance Ltd diversifying into financing two-wheeler purchases of nonBajaj Auto brands.
In June 2022, Bajaj Finance began offering loans to all two-wheeler makers, in addition to Bajaj Auto, and is now focusing on growing its non-Bajaj Auto automobile financing activity.
Bajaj Auto's application to the RBI is under consideration, said a senior executive at the Pune-based automaker.
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