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Bajaj finance becomes the largest deposit taking NBFC

Utkarsh Classes Last Updated 07-02-2024
Bajaj finance becomes the largest deposit taking NBFC Economy 2 min read

Bajaj Finance Ltd has become India’s largest deposit taking Non Banking Financial Company (NBFC) after the merger of the HDFC-HDFC Bank . The total public deposit of  the Bajaj Finance limited has also crossed the Rs 50,000 crore mark in July 2023 with more than 5 lakh depositors .

HDFC was registered as a deposit taking NBFC with the RBI and after its merger with HDFC Bank it ceased to exist .

Bajaj Finance limited started accepting public deposits in 2014 . Two third of its deposit comes from retail customers and the rest form corporates.

Other major deposit-taking NBFC in India are Lic Housing Finance, Mahindra Finance , Shriram Finance etc .

About Bajaj Finance Limited

Bajaj Finance Limited is a subsidiary company of Bajaj Finserv Limited . 

It is a deposit taking NBFC registered with Reserve Bank of India (RBI) as a NBFC -Investment and Credit Company (NBFC-ICC).

The company is engaged in the business of lending and  accepting public  deposits 

Headquarters: Pune 

Chief Executive Officer (CEO) : Rajiv Jain 

Non-Banking Financial Company (NBFC)

Non Banking Financial Company (NBFC) is a type of financial institution regulated by the RBI under the Reserve Bank of India act 1935.

NBFC classified as deposit taking NBFC can accept public deposits in the form of Fixed Deposit (FD) and Recurring Deposit (RD).

They cannot accept Demand deposits like Saving Account and  Current Accounts.

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