Bajaj Finance Sees New Loans Growth Of 10% After RBI Lifts Curbs
Assets under management rose 31% year-on-year to Rs 3.54 lakh crore in the quarter-ended June.
Bajaj Finance Ltd.'s Assets under management rose 31% to Rs 3.54 lakh crore in the three months through June, according to a provisional quarterly business update filed with stock exchanges on Wednesday.
The non-banking financial service provider's loan book grew by 10% year-on-year to 1.09 crore in the quarter-ended June, after it resumed sanction and disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’ and issuance of EMI cards, following the central bank's removal of restrictions on these businesses in early May.
The Reserve Bank of India in November had barred the company from lending under its two offerings due to non-adherence to the digital lending guidelines—non-issuance of key fact statements to borrowers and deficiencies in KFS issued with respect to other digital loans sanctioned by the company.
The reversal of RBI's restrictions happened based on the remedial actions taken by the company, Bajaj Finance said.
Net liquidity surplus stood at Rs 16,200 crore as of June, while the company’s deposits book came at Rs 62,750 crore, a growth of 26% year-on-year.
Shares of Bajaj Finance closed 1.25% higher at Rs 7,251.8 apiece, ahead of the announcement, as compared to 0.69% advance in the benchmark S&P BSE Sensex.
