Bajaj Finserv was formed in April 2007 as a result of its demerger from Bajaj Auto Limited to further the Group’s interests in financial services. This demerger enabled Bajaj Finserv to independently run the core businesses of Lending, Protection and savings. Bajaj Finserv Limited is the holding company for the businesses dealing with financial services of the Bajaj Group. It serves millions of customers in the financial services space by providing solutions for asset acquisition through financing, asset protection through general insurance, family protection and income protection in the form of life and health insurance and retirement and savings solutions

Lending

Bajaj Finance Limited (BFL), participates in the financial business and is a company listed on The Stock Exchange, Mumbai (the BSE) and the National Stock Exchange (NSE).

BFL also operates through a 100% subsidiary namely, Bajaj Housing Finance Limited (BHFL) which is registered with National Housing Bank (NHB) as a Housing Finance Company (HFC) for its mortgage business. BHFL started its operations in FY2018 and all the incremental mortgage business is now done through BHFL.

Protection and savings

These are done through (i) Bajaj Allianz General Insurance Company Limited (BAGIC) for general insurance including health insurance; and (ii) Bajaj Allianz Life Insurance Company Limited (BALIC) for life insurance and retirement plans. BAGIC and BALIC are both unlisted joint ventures with Allianz SE, one of the world’s leading composite insurers.

Digital and Online Platform

During the year under review, Bajaj Financial Holdings Ltd., a wholly-owned subsidiary, has firmed up new business plans for undertaking activities on digital and online platform to augment the business of the Company’s subsidiaries and has changed its name to Bajaj Finserv Direct Ltd. with effect from 27 February 2018

In addition, there are wind-farm assets in Maharashtra with an installed capacity of 65.2 MW.