Some upper-layer NBFCs can be good substitute for banks: Sanjiv Bajaj

In next 10-15 years, India needs around four large capable, mature NBFCs, says Bajaj Finserv's Chairman and Managing Director Sanjiv Bajaj

Bajaj Finserv and Allianz have decided to part after 24 years of being in a joint venture in insurance. Sanjiv Bajaj, chairman and managing director, Bajaj Finserv, talks to Manojit Saha and Subrata Panda about the Munich-based insurer’s decision to exit the joint venture and the future of the two insurance companies (general and life) in the group. He says the Reserve Bank of India (RBI) could allow some upper-layer non-banking financial companies (NBFCs) to serve as substitutes for banks without giving them the banking licence. Edited excerpts:

 

What was the trigger for Allianz’s exit?

 

For both promoters the India