Bajaj Auto's subsidiary gets RBI registration for NBFC business

livemint.com:

Bajaj Auto Consumer Finance, has received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business of the non-banking finance company (NBFC), the company informed the stock exchanges in its filing on September 1, according to MoneyControl reports. In the exchange filing, Bajaj Auto said, “We would like to inform you that Bajaj Auto Consumer Finance Limited, the wholly-owned subsidiary of Bajaj Auto Limited, has received on 31 August 2023 from RBI a Certificate of Registration, bearing No. N-13.02465 dated 29 August 2023 under section 45-IA of the Reserve Bank of India Act, 1934 to commence/carry on the business of nonbanking financial institution without accepting public deposits, subject to the conditions given in the said certificate." In 2021, Bajaj Auto announced the setting up of a 100% captive finance subsidiary ‘Bajaj Auto Consumer Finance’.

Meanwhile, Bajaj Auto Ltd, the two and three-wheeler manufacturer, on Friday reported a 15% year-on-year (YoY) fall in its total sales for the month of August 2023. The company’s total vehicle sales in August 2023 declined to 3,41,648 units from 4,01,595 units in the same month last year. Total domestic sales during the month declined 20% to 2,05,100 units from 2,56,755 units, while exports fell 6% to 1,36,548 units from 1,44,840 units, YoY.

Bajaj Auto sold a total of 2,85,031 two-wheeler vehicles in August 2023, a sharp drop of 20% from 3,55,625 units sold in August 2022. The fall in two-wheeler sales was led by the domestic market, as domestic two-wheeler sales declined 31% YoY. Exports of two-wheelers rose 2%.