Bajaj Finance chairman, Sanjiv Bajaj, recently addressed concerns raised by shareholders at the company’s 36th annual general meeting regarding the entry of Jio Financial Services into the financial services sector. As shareholders expressed worries about potential disruption and the impact on Bajaj Finance’s growth and margins, Bajaj reassured them that NBFCs (non-banking financial companies) with superior asset quality will continue to thrive in the face of increasing competition.The entry of Jio Financial Services, backed by the deep pockets of the Jio conglomerate, has raised eyebrows and sparked conversations about how it may disrupt the financial services industry, in a similar manner to how Jio transformed the telecom sector.
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However, Bajaj Finance’s leadership, including Sanjiv Bajaj and MD Rajeev Jain, is confident in their ability to respond to this challenge. Bajaj Finance has built a strong reputation in the financial services sector, and its commitment to maintaining superior asset quality sets it apart from its competitors. This focus on asset quality, combined with its extensive experience and expertise, positions the company well to navigate the evolving landscape of the industry.
In his address to shareholders, Sanjiv Bajaj emphasized the importance of staying ahead of the curve and continuously adapting to changing market dynamics. He acknowledged the potential disruption posed by the entry of Jio Financial Services but remained optimistic about Bajaj Finance’s ability to not only withstand the competition but also thrive in this environment.