At a time when NBFCs are in all sorts of trouble, the Bajaj twins are rocking.<\/span><\/figure>\n<\/div>\nHe will turn 50 in about a month but there are no plans for a big bash. That\u2019s Sanjiv Bajaj for you, quiet and down to earth, no hype or hoopla. Not for him, the chaotic and noisy life in the big city; he prefers the peace of Pune where he can catch a movie, play basketball or simply spend time at\u00a0home with kids.<\/p>\n
That\u2019s in stark contrast to the buzz that Bajaj Finance and Bajaj Finserv have created in the stock market. With a combined market capitalisation of Rs 3.65 lakh crore, the two are together more valuable than State Bank of India. Not surprising since they have reached out to 100 million customers with mortgages, loans against property, consumer credit, commercial lending, rural loans and insurance. At a time when NBFCs are in all sorts of trouble, the Bajaj twins are rocking. But that hasn\u2019t changed Bajaj one bit. He\u2019s still the same, happy to go home to Ed Sheeran or Dire Straits. Or some jazz.<\/p>\n
In the early days, he was once asked who the enemy was: the credit card, he answered. But since he couldn\u2019t launch one, he came up with the EMI card which today is a franchise with 16.5 million customers; in 2018-19, the EMI card contributed about 60% of the loans.<\/p>\n
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By Rohnit phore<\/span><\/figure>\n<\/div>\nBajaj may be absorbed in Graham Hancock\u2019s Fingerprints of the Gods but he doesn\u2019t lose sight of the future. He is quietly confident about the next round of growth where the strategy is to spread out to the interiors and reduce the urban concentration; he knows how important it is to have a robust balance sheet.<\/p>\n
Indeed, at 50, Bajaj is no less excited about the business than he was at 40. He may not be playing basketball as often as he used to but his love for sports is undiminished; now, he plays more tennis and swims. And the rapid digitisation of financial services driven by the killer combination of cheap smartphones and low-cost high-speed data, he believes, can be a game changer. In fact, Bajaj no longer misses a bank licence. Instead the team is arming itself with a whole new set of capabilities. And even as he mines his 100-million customer base, Bajaj knows how important it is not to get carried away with digital channels but to take measured risks. That\u2019s his style of entrepreneurism anyway and the secret of his fabulous franchise. Long-term financial products, he knows, can get messy so it\u2019s probably better to keep it short and simple.<\/p>\n
\u201cWe don\u2019t mind not being a bank. We\u2019re able to raise retail money and don\u2019t need to put aside any CRR or SLR,\u201d he says, adding that while customers may have greater confidence in a bank, Bajaj has built credibility.<\/p>\n
The point is well taken. And for that, he should give in to his sweet tooth and treat himself to a big slice of birthday cake.<\/p>\n
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