Bajaj Auto Limited, a leading player in the Indian automotive industry on Friday announced through the stock exchanges that its subsidiary, Bajaj Auto Consumer Finance Limited, has been granted a Certificate of Registration by the Reserve Bank of India (RBI), the company announced through an exchange filing.
The said license was received on August 31, 2023, Bajaj Auto said.
This Certificate of Registration, identified as No. N-13.02465 and dated August 29, 2023, has been issued under section 45-IA of the Reserve Bank of India Act, 1934. It authorizes Bajaj Auto Consumer Finance Limited to initiate and operate as a non-banking financial institution (NBFC), with the stipulation that it does not accept public deposits.
In compliance with RBI guidelines, Bajaj Auto has also issued disclaimers to ensure transparency and awareness:
a) Reserve Bank of India neither accepts any responsibility nor guarantees the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for discharge of any liability by the company.
b) Additionally, it's emphasized that neither Neither there is any provision in law to keep, nor does the company keep any part of the deposits with the Reserve Bank of India and by issuing a Certificate of Registration to the company, the Reserve Bank of India, neither accepts any responsibility nor guarantees the payment of deposits to any depositor or any person who has lent any sum to the company.