Bajaj Finserv has submitted an application to the Reserve Bank of India on June 26, 2013 for a License to commence banking business in terms of section 22 of the Banking Companies Act, 1949. The company has proposed to convert its subsidiary, Bajaj Finance into a Bank in terms of RBI Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013.
Bajaj Finserv is engaged in life insurance, general insurance and consumer finance businesses and has plans to expand its business by offering a wide array of financial products and services in India. Apart from financial services, the company is also active in wind-energy generation.
