Bajaj Finance, one of the big companies of consumer finance, is going to start prepaid payment business i.e. digital wallet.
New Delhi. Digital payment is expanding rapidly in the country. Already, giants such as Paytm, Phonepe, Google Pay (Google Pay), Amazon Pay (Amazon Pay) are present in this field. Now Bajaj Finance, one of the big companies of consumer finance, is going to start prepaid payment business i.e. digital wallet. The RBI granted this permission on 4 May.
“The Reserve Bank of India has given permission to the company to do business of semi-closed prepaid payment instruments,” Bajaj Finance told the stock exchange on Wednesday.
Fourth quarter integrated net profit up 42% at Rs 1,347 crore
Bajaj Finance (BFL) recently presented the fourth quarter results. The company had said that its consolidated net profit rose 42 per cent to Rs 1,347 crore for the financial year ended March 2021. The company had a net profit of Rs 948 crore in the January-March period of the last financial year 2019-20. BFL’s consolidated figures include the results of its wholly owned subsidiaries – Bajaj Housing Finance Limited (BHFL) and Bajaj Financial Securities Limited (B Finsec).
Net interest income also declined by one per cent to Rs 4,659 crore during the quarter, from Rs 4,684 crore in the fourth quarter of FY 2020. During this period, the company’s total income fell by five per cent to Rs 6,855 crore, from Rs 7,231 crore in the same quarter a year ago. If we talk about the whole year, then the net profit of the company fell by 16 per cent to Rs 4,420 crore in 2020 – 21, compared to Rs 5,264 crore in the previous year 2019-20.
