What next after the Bajaj Housing Finance IPO? Any other subsidiary that you will look to list?
Bajaj: First, this IPO is a combination of the high growth we have seen in the housing finance arm and our desire to diversify the sources of capital as we continue to fund this growth and also the Reserve Bank of India's (RBI's) requirement as an upperlayer non-banking financial company (NBFC) to list before September 2025. As distinct from that, the two insurance companies are adequately capitalised. And their growth is being more than met by the internal capital they generate. So, there are no plans right now.
The housing finance company is growing at a rapid pace. Is the regulator comfortable with the pace?
Jain: Regulation in our assessment does not come only from growth. So far we never had a conversation with regulators where they have pointed out that we are growing very fast. I think the way regulators look at things is that they consider capital adequacy, corporate governance, the gross non-performing assets ratio, or whether you carry a systemic risk to the system overall or not. Compared to the market size, growth percentage is also a question of relativity. If you look from the inception till now, it will look like our growth percentage is very high. But from the overall market point of view, we remain very small.
Would you look to bring down your dependence on bank funding?
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