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.
