Media reports indicate that Bajaj Finserv is one of the non-banking finance companies (NBFCs) that applied for a banking license with the Reserve Bank of India (RBI).
Bajaj Finserv is the holding company for the financial services businesses of the Bajaj Group. After getting license, the holding firm plans to convert the assets of its subsidiary Bajaj Finance – also known as Bajaj Finserv Lending – into a bank, reports indicate.
Bajaj Finance is said to be adequately capitalized as of now and would adhere to all the norms of the RBI.
Currently the promoter holding in Bajaj Finserv is at 58.9 per cent. Bajaj Finserv holds close to 62 per cent in Bajaj Finance. As per the RBI norms, the minimum public shareholding for the promoters should be at 51 per cent.
Bajaj Finserv expects to comply with the shareholding norms for holding companies within the 18 months from the time of receiving in-principle approval from the RBI.