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Man with a Purpose

In today’s competitive economy, if you do not meet customer requirements satisfactorily, you may have to close shop. We need not pat our backs because we have done something good for our customers. We have simply tried to meet their needs satisfactorily, efficiently.

Rahul Bajaj 1938 - 2022

Organization with a Purpose

Bajaj Finserv Ltd. (‘Bajaj Finserv’, ‘BFS’ or ‘the Company’) is an unregistered core investment company (CIC) under RBI regulations 2020 and the holding company for the various financial services businesses under the Bajaj group. Its vision is to provide financial solutions for retail and SME customers through their life cycle.

Performance 2021-22

Your Company and all its businesses have shown enormous resilience in the last two years — be it through the three successive waves of Covid and the organisational transformations that these entailed.

Chairman's Letter

My father was unique and special. People across the country — even those who did not know him personally — lauded him for being fearless and outspoken. I have not seen many who had his courage to honestly share his convictions.

Sanjiv Bajaj

Business Review Segment

BFS engages in various businesses including Consumer Finance & Lending, Protections & Savings, Life Insurance, Savings & Retirement and various emerging businesses, through its subsidiaries.

Corporate
Social
Responsibility

The vision and philosophy of late Shri Jamnalal Bajaj, the founder of Bajaj Group, guide the Corporate Social Responsibility (CSR) activities of the group. He embodied the concept of trusteeship in business and common good, and laid the foundation for ethical, value-based and transparent functioning.

Being ResponsiveBeing Responsible

Business Responsibility & Sustainability Report

(also includes elements of Environmental, Social and Governance)

FY2022

Leading the Way

Leading the Way Download

Purav A Jhaveri President - Investments, Bajaj Finserv Limited

Purav Jhaveri is the President of Investments at Bajaj Finserv Limited. He joined the organisation in 2020 and has been responsible for overseeing the Investment teams across the group and serves on various Investment Committees.

Purav is responsible for the Investment Process development and enhancements. He has been working on integrating ESG into the Investment Process and mentoring talent to ensure the achievement of Investment objectives and best-in-class Investment performance.

Before joining Bajaj Finserv, Purav was a Managing Director of Investment Strategy and Portfolio Manager with Franklin Templeton Investments, USA and handled Investment teams across sixteen countries. An investment industry veteran since 1994, Purav also managed a global equity fund and an actively managed International ETF.

Purav has an MBA from The Wharton School of the University of Pennsylvania. He earned his Master’s in Management from NMIMS, University of Bombay. He is a Chartered Financial Analyst (CFA) charter-holder and has a Financial Risk Manager (FRM) certification from the Global Association of Risk Professionals. Purav is a member of the CII National Committee on Financial Markets.

Ashish PanchalCEO, Bajaj Finserv Direct Ltd.

Ashish Panchal is the Chief Executive Officer of Bajaj Finserv Direct Limited (BFDL), a one-stop digital marketplace company, providing financial services products like loans, insurance, mutual funds, investments, payments and select e-commerce to consumers.

A seasoned retail banking and payments business professional, Ashish has over 23 years of experience in strategic roles across various business verticals. He has been a part of the Bajaj Finserv group of companies for the last 11 years. Before assuming his role as the CEO of BFDL, he served as the President of Rural Business, Investment Business, Insurance Business & Corporate Strategy at Bajaj Finance Limited.

Over the years, Ashish has successfully managed start-up businesses and high growth, high scale businesses, that have withstood various economic cycles, to lead them to grow in scale and profitability. He leverages his strong people management skills to drive innovative, customer-centric solutions to business problems.

Prior to joining Bajaj Finance Limited, Ashish helmed leadership positions at Citibank and Barclays.

Ashish is an alumnus of the Harvard Business School (AMP, '21) and completed his master’s degree in Management Studies from the Jamnalal Bajaj Institute of Management Studies.

Ranjit GuptaPresident, Insurance, Bajaj Finserv Limited

Ranjit Gupta is the President of Insurance at Bajaj Finserv Limited.

He started his career at Bajaj Auto Limited as the General Manager (Co-ordination) in 1988 and later moved on to become the Vice President (Materials) in 1995 and Vice President (Insurance) in 2001.

Ranjit was honoured with a fellowship from the Institution of Engineering & Technology, London, UK. He was later inducted as a member of the Institution of Mechanical Engineers in London, UK.

Manish JainCEO, Bajaj Financial Securities Ltd.

Manish Jain is the Chief Executive Officer at Bajaj Financial Securities Limited, the 100% subsidiary of Bajaj Finance Limited. As the help of affairs and is responsible for providing strategic direction, managing and growing the Loan Against Securities (LAS) & Corporate Finance business in Bajaj Finance Ltd.

Manish joined Bajaj Finance in 2010 to lead its Credit & Risk, Loans against Securities. He was instrumental in developing the complete credit underwriting and risk management philosophy for the Loan against Securities business at the time of launch and in creating a roadmap in line with the organizational strategic intent. In 2013, Manish took over the responsibility of heading the Product function for Business Loans.

Manish possesses a strong domain expertise and has always been an exceptional team player.

Ajay SatheGroup Head, Customer Experience & CSR, Bajaj Finserv Limited

Ajay Sathe is the Group Head of Customer Experience and CSR at Bajaj Finserv Limited. He has been a veteran at the Bajaj Group of companies with his first stint being at Bajaj Auto Limited in 1997. Post the demerger, in 2007, he moved to Bajaj Finserv Limited.

Ajay is a generalist and has worked across various functions spanning Finance, IT, Business Development, Corporate Strategy and Risk Management. As the Group Head of Customer Experience, he is working on a unique customer experience framework, based on the principles of cognitive psychology. As the Group Head of CSR, Ajay leads Beyond, the flagship employability initiative of Bajaj Finserv Limited, aimed at helping first-generation graduates from smaller towns and cities, get ready for building a career in the Banking, Financial Services and Insurance industry.

Ajay is known for his ability to bring in customer perspective in strategy discussions.

He is graduate in commerce from the University of Pune. He is a graduate of the Institute of Cost Accountants of India and an Associate Member of the Institute of Chartered Accountants of India. He did his International MBA (Hons) from the European School of Management and Technology (ESMT), Berlin and was a winner of the Academic Performance award for the most outstanding academic performance during the program.

Devang ModyCEO, Bajaj Finserv Health & Group Head, Strategy, Bajaj Finserv Limited

Devang Mody is the Chief Executive Officer at Bajaj Finserv Health Limited (BFHL), a subsidiary of Bajaj Finserv Limited. Bajaj Finserv Health is a health services platform aimed at making OPD healthcare cashless in India, which is non-existent in India today.

Bajaj Finserv Health is a health-tech, digital platform offering preventive, personalized and pre-paid healthcare services coupled with a complete range of easy financing solutions to support the wellness needs of consumers.

Bajaj Finserv Health manages 3,91,000 monthly paying users as on date. The Company has developed a network of 99,000 doctors, 3,600 diagnostic lab points and 1,400 hospitals to provide cashless digital experience.

Devang spent his first stint of 10 years with Bajaj Finance Ltd., as the President of the Consumer Finance business. He was the architect of the very popular 0% EMI loans and EMI card for consumer goods ranging from LED TVs, smartphones, ACs, furniture, apparels, grocery, travel etc. He also led the Personal Loans, Credit Cards & Digital Wallets’ businesses.

In his previous assignments, Devang was associated with General Electric in various capacities in product management and business development. Aside to his role as the CEO of BFHL, Devang is the Group Head of Strategy at Bajaj Finserv Limited.

He is a qualified Chartered Accountant and a Wharton alumnus. He is passionate about solving real-life problems at scale and believes in technology being the enabler to make this into a reality, at a much lower cost.

Anish AminPresident Group Risk, Assurance & Human Resources

Anish Amin is the President and head of the overall functions of Risk, Assurance, M&A and Human Resources at Bajaj Finserv Limited. He joined the organisation in 2019 to oversee the assurance and risk function and later took up the Group’s HR function as an additional portfolio to his present responsibilities.

As the Group Head of Assurance and Risk, Anish oversees the risk management process of identifying potential risks that could lead to a capital call or affect the brand's reputation. Additionally, he leads a team of experts to evaluate and oversee the M&A opportunities and proposals that the Company may encounter.

He is a fellow member of the Institute of Chartered Accountants of India. Prior to joining Bajaj Finserv Limited, Anish was a senior partner at Dalal &Shah (a member of the PwC International Network). He was also a partner in the Assurance Practice at Pricewaterhouse, India and led wide-ranging businesses, including manufacturing, trading, finance and insurance. He was also their sectoral leader in the insurance industry.

In a career spanning over three decades of wide-ranging industry experience and a proven track record in risk management, compliance with accounting standards, company law matters and general regulatory frameworks, Anish leads the task force in driving the Group's commitment towards identification and mitigation of emerging risks.

S. SreenivasanChief Financial Officer, Bajaj Finserv Limited

S. Sreenivasan is the President (Finance) and the Chief Financial Officer at Bajaj Finserv Limited. As a key member of the senior executive management team, he oversees the long-term strategic and annual operating plans, capital management, investor relations and corporate governance for the group. Sreenivasan has been the foundational force behind delivering value to Bajaj Finserv’s shareholders.

He has been instrumental in the transformational journey and consistent performance of the insurance subsidiaries - Bajaj Allianz Life Insurance Company Limited (BALIC) and Bajaj Allianz General Insurance Company Limited (BAGIC). He has also been a guiding force for the group wide companies to tide through multiple black swan events, including the COVID-19 pandemic.

With a stellar career of more than 36 years of experience spanning Corporate Strategy, Portfolio Management, Life and General Insurance, Mergers and Acquisitions, Financial systems and board’s operational matters, Sreenivasan is held in high standing across all the group entities and by the industry and regulatory bodies alike. Over the years, he has helped mentor and shape a talent pool of finance professionals to become budding CFOs and financial controllers for the industry.

Aside from his role as the Group CFO, Sreenivasan is a Director on the board of BALIC and BAGIC. He is also the Chairman of Bajaj Financial Securities Limited, a 100 percent subsidiary of Bajaj Finance Limited.

In his earlier stints Sreenivasan has held leadership roles in BAGIC and Bajaj Auto Limited, Greshma Shares and Stocks, Bahrain National Holding Company, Bahrain Insurance Company and Thermax DeVilbiss.

He is a Regular member of the CFA Institute (Virginia, USA), an Associate Member of the Institute of Chartered Accountants of India, and a Graduate Member of the Institute of Cost & Works Accountants of India.

Sreenivasan holds a B.Sc degree in Physics (University topper) from the University of Kerala. He is a qualified Chartered Accountant, Cost Accountant, Chartered Financial Analyst (CFA Institute, Virginia, USA) and an MBA from the IIM, Calcutta.

Atul JainManaging Director, Bajaj Housing Finance Limited

Atul Jain is now the Managing Director of Bajaj Housing Finance Limited, the 100 percent subsidiary of Bajaj Finance Limited. He had been with Bajaj Finance for over 19 years, prior to his role as the CEO of Bajaj Housing Finance Ltd., (BHFL) in 2018. Atul has been instrumental in shaping the organization to deliver multi-fold asset growth over the past 3 years, coupled with a risk-averse approach, that helped the organization seamlessly navigate major industry crises over the past two years.

An industry veteran with over 30 years of rich experience in the financial sector, Atul started his career in Investment Banking and later moved to Retail Finance. At Bajaj Finance, he was the Chief Collection Officer for over 11 years and spent 4 years as the President of Rural Lending & Collections. He also served as the Enterprise Risk Officer at for 2 years before moving onto his role as the CEO of Bajaj Housing Finance Limited. Atul holds an MBA in Finance.

Tarun ChughMD & CEO, Bajaj Allianz Life Insurance Company Limited

Tarun Chugh is the Managing Director and Chief Executive Officer at Bajaj Allianz Life Insurance Company Limited. He joined the organisation in 2017. Tarun is an elected member of the Life Insurance Council - Executive Committee.

A seasoned industry veteran, he has over 23 years of experience in the financial services space, including over 13 years of experience in the life insurance sector. In his multiple leadership roles, Tarun has a proven track record of building relationships and trust with various stakeholders.

Tarun is a familiar figure in the Indian life insurance sector, having headed general management and strategic roles as the Managing Director and Chief Executive Officer at PNB Metlife India Life Insurance Company. He served as the Chief Distribution Officer and supervised branch operations and marketing in ICICI Prudential Life Insurance. He has also worked as an Investment Banker for around 12 years before joining the Insurance sector.

Tarun is a graduate with a degree in engineering from IIT Delhi and completed his Post-graduation in Management from IIM, Lucknow, in 1994.

Sanjiv BajajChairman and Managing Director, Bajaj Finserv Limited

Sanjiv Bajaj is the Chairman and Managing Director of Bajaj Finserv Limited, the holding company of the financial services businesses of the Bajaj Group, one of India’s oldest and largest conglomerates, with an annual revenue of over ₹ 68,000 crore ($ 9 billion) and profit of over ₹ 4,500 crore ($ 600 million) for FY2022. Under his leadership, Bajaj Finserv Limited has emerged as one of India’s leading diversified financial services companies with solutions spanning lending, life insurance, general insurance, and wealth advisory categories. With a consumer-first, digital approach and a culture focused on excellence through innovative disruption, he has helped shape the digital consumer financing in India.

Sanjiv is on the board of his group operating companies as the Chairman of Bajaj Finance Limited, Maharashtra Scooters Limited, Bajaj Finserv Asset Management Limited and the two insurance subsidiaries i.e. Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited. Since 2012, he has been the Managing Director of Bajaj Holdings & Investment Limited. He is the former Executive Director of Bajaj Auto Limited and presently its non-executive director.

Sanjiv has been engaged with the Confederation of Indian Industry (CII) for many years at the State, Regional and National level and is presently the President for 2022-23.

Sanjiv is an alumnus of the Harvard Business School, USA and a Member of the Board of Indian School of Business (ISB), Member of the International Advisory Board (IAB), Allianz SE and the International Technology Advisory Panel (ITAP) of Monetary Authority of Singapore (MAS) and Regional Stewardship Board for India and South Asia 2019-2020 of the World Economic Forum.

He has a bachelor’s degree in mechanical engineering (first class with distinction) from the University of Pune, a master’s degree in manufacturing systems engineering with a distinction from the University of Warwick, UK and a master’s degree in business administration (with distinction) from the Harvard Business School, USA.

Tapan SinghelMD & CEO - Bajaj Allianz General Insurance Company Limited

Tapan Singhel is the Managing Director and Chief Executive Officer of Bajaj Allianz General Insurance Company. One of the founding members of Bajaj Allianz General Insurance, he has been with the organisation since its inception in 2001 and leads its overall growth strategy. A veteran in the BFSI sector, Tapan has spearheaded several transformational initiatives in the insurance industry and has been instrumental in setting up and fortifying the bancassurance relationship of the Company in the Asia-Pacific region.

Tapan started his career as a direct officer in 1991 with the New India Assurance Company. He has handled diverse portfolios in Accounts, IT, Underwriting, Claims, Marketing, and Sales.

Tapan is a master’s in Physics with a specialisation in Lasers and Spectroscopy from the prestigious Banaras Hindu University (BHU). He has done his schooling from La Martiniere for Boys, Kolkata and St. Peters, Agra.

Ganesh MohanChief Executive Officer, Bajaj Finserv Asset Management Limited

Ganesh Mohan is the Chief Executive Officer of Bajaj Finserv Asset Management Limited, the wholly owned subsidiary of Bajaj Finserv Limited. Bajaj Finserv Asset Management, the latest venture from Bajaj Finserv Limited, is aimed at playing a pivotal role in the investment space by offering multiple, innovative funds and investment solutions to help investors achieve their financial goals.

Ganesh joined Bajaj Finserv in 2015 as the Group Head of Strategy. He has been instrumental in leading several key transformational projects for the Group that focused on fostering innovation and building newer capabilities for the companies, including scanning the financial services landscape for future opportunities, both in India and across the globe.

Before joining Bajaj Finserv Limited, Ganesh was a Partner with the Boston Consulting Group and worked with them for 16 years, in the US, Europe, Middle East and India. He was primarily affiliated with the Financial Services and Organization practices.

Ganesh holds a B.Tech (Hons) in Chemical Engineering from IIT Kharagpur and an MBA from IIM Calcutta in Finance and Strategy.

V RajgopalanPresident Legal & Taxation, Bajaj Finserv Limited

V Rajagopalan is the President of Legal and Taxation at Bajaj Finserv Limited. Being a part of the group since 2009, he has been spearheading the new business initiatives for the Bajaj Finserv companies in the financial services space.

In his present role, he oversees all the initiatives related to acquisition structuring, treasury, regulatory and legal matters at the corporate level. He also serves on the board of the operating companies of Bajaj Finserv Limited. V Rajagopalan is a qualified Chartered Accountant, Cost Accountant and Company Secretary with a degree in law.

He is an Associate Member at the Indian Institute of Banking and Finance and a Member of the Institute of Chartered Accountants of India.

Rajeev JainManaging Director, Bajaj Finance Limited

Rajeev Jain is the Managing Director at Bajaj Finance Limited and a member of the company's executive management team. Charting an ambitious growth trajectory for the company, Rajeev has transformed it from a captive auto finance company to become one of India's largest and highly diversified NBFC company, catering to the emerging financial needs of consumers.

Rajeev joined Bajaj Finance Limited in 2007 as the Chief Executive Officer and has been since been leading the company towards a 'new way of doing business'; by envisaging it as an omnipresent financial services company to enable existing and new customers to engage, transact and be serviced seamlessly - online and offline. An unwavering champion of innovation and disruptive ideas, Rajeev harnessed the power of digital technologies to deliver faster solutions and frictionless experiences for customers, amidst a rapidly evolving digital landscape.

An industry veteran with nearly 3 decades of stellar experience in managing diverse consumer lending businesses viz. auto loans, durable loans, personal loans and credit cards, Rajeev has spent a decade and a half with Bajaj Finance Limited, driving long-term, profitable businesses and large-scale digital transformations within the organisation to create long-term value for the shareholders.

Prior to Bajaj Finance, he was associated with GE, American Express and the American International Group (AIG). In his role as the Deputy CEO of the consumer lending business at AIG, Rajeev built the strategic framework for the AIG Consumer business to foray in India, thus creating a holding company, and acquiring two non-banking finance companies, that helped the organisation establish a strong base in the Indian market. At American Express he handled diverse roles across various product categories including credit cards, personal loans, business loans etc. When he left American Express, he was the Head of Personal and Small Business Lending in India.

Rajeev is a management graduate from the T. A Pai Management Institute, Manipal with a bachelor's degree in Commerce from the American College, Madurai.

Awards & Accolades