Bajaj Finserv (BFS) is the holding company under which there are three key financial sector businesses: (i) lending through Bajaj Finance (BFL), which is itself a listed company; (ii) general insurance, under Bajaj Allianz General Insurance Company (BAGIC); and (iii) life insurance, under Bajaj Allianz Life Insurance Company (BALIC). It serves millions of customers by providing solutions for asset acquisition through financing, asset protection through general insurance, family and income protection in the form of life and health insurance and retirement and savings solutions. The insurance businesses are unlisted. In addition, there are wind farm assets in Maharashtra.
The company is a Core Investment Company (CIC) under the regulations of the Reserve Bank of India (RBI), not requiring registration with RBI. BFS and BFL adopted the Indian Accounting Standards (Ind AS) from 1 April 2018. Hence, the standalone and consolidated results of BFS for FY2019 are compliant with Ind AS. The financials for FY2018 have been restated to be Ind AS compliant and are, therefore, comparable.
Business area of Bajaj Finserv (BFS)
The company deals with financial services of the Bajaj Group. Its core businesses are spread across Lending, Insurance and Wealth Advisory.
Awards and Recognition
Sanjiv Bajaj, Managing Director & CEO, received the following awards:
- Business World – India’s Most Valuable CEOs in 2015 and 2016.
- Bombay Management Association (BMA) – Entrepreneur of the Year Award 2015-16.
- Ernst & Young – EY Entrepreneur of the Year Award 2017.
- India Today- Top 50 Power List 2017-18.
- Financial Express Best Banks Award 2019: Banker of the Year for 2017-18.
- Asia Centre’s Leadership, Corporate Governance, Sustainability and CSR Awards: Transformation Leader Award (Large Cap Category) in 2018.
- Entrepreneur of the Year India 2018 by AIMA.
- Entrepreneur of the Year India 2018 by ET Awards, the most prestigious business awards in India.
- Economic Times – ET Business Leader of the Year Award 2018.
- Financial Express Best Banks Award: Banker of the Year 2019.
- Entrepreneur of the Year India 2019 by All India Management Association (AIMA).
Key events:
- FY09: Bajaj Finserv and Allianz Global investors sign shareholders agreement to set up an asset management joint venture company in India.
- FY10: The company (BFL) announces new brand identity and new businesses.
- FY10: The company forays into infrastructure Finance.
- FY15: The company is classified as a ‘core investment company’ as it does not have any public funds including deposits or borrowings.
- FY15: Bajaj Allianz General Insurance Company Funds Maharashtra’s first dedicated multi-specialty Centre for Epilepsy care as part of its CSR.
- FY15: The company partners with SSBF as part of its CSR initiative.
- FY20: Bajaj Group commits Rs 100 crore for the fight against covid-19.
- FY20: The company ties up with Narayana Nethralaya.
- FY20: The company offers honeymoon holiday cover.
- FY20: The company offers attractive discounts, coupon deals on Vivo Smartphones.
- FY21: Bajaj Finserv launches a new health-tech venture – Bajaj Finserv Health.
- FY21: Bajaj Finserv partners with Reliance Digital.
Products
- Personal Loans: Bajaj Finserv provides personal loans that can be used for various purposes like medical expenses, home renovation, travel, wedding, or any other personal need. These loans are offered at competitive interest rates with flexible repayment options.
- Home Loans: Bajaj Finserv offers home loans to help individuals purchase or construct their dream homes. These loans come with attractive interest rates, easy application processes, and flexible repayment options.
- Business Loans: Bajaj Finserv provides business loans to help small and medium-sized enterprises (SMEs) meet their working capital requirements, expand their businesses, or fund new projects. These loans are designed to suit the specific needs of businesses.
- Loan Against Property: Bajaj Finserv offers loans against residential or commercial properties. These loans can be availed to meet personal or business financial requirements, and the loan amount is determined based on the value of the property.
- EMI Finance: Bajaj Finserv’s EMI Finance enables customers to purchase a wide range of consumer durables, electronics, furniture, and lifestyle products on easy monthly installments. This facility is available through tie-ups with various retail partners across different sectors.
- Insurance: Bajaj Finserv provides various insurance products, including life insurance, health insurance, motor insurance, and home insurance. These insurance policies offer financial protection and coverage against unforeseen events.
- Credit Cards: Bajaj Finserv offers credit cards with attractive rewards, cashback offers, and exclusive privileges. These credit cards are designed to meet different spending patterns and provide convenient payment options.
- Investments: Bajaj Finserv offers investment products and services, including mutual funds, fixed deposits, and systematic investment plans (SIPs). They provide options for both short-term and long-term investments.
- Wealth Management: Bajaj Finserv offers wealth management services to help individuals manage their investments, plan for retirement, and achieve their financial goals. They provide personalized advice and investment strategies based on individual needs and risk appetite.
- Home Insurance: Bajaj Finserv offers comprehensive home insurance policies to protect against damages to the structure and contents of the home caused by fire, natural disasters, theft, and other risks.
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