NEW DELHI: Rajiv Bajaj, managing director of Bajaj Auto, is stepping down from the board of Bajaj Finserv as he has decided to reduce external commitments and focus on the core automobile business. The decision by Rajiv Bajaj comes in the backdrop of the setting up of Bajaj Auto Technology Ltd., and Bajaj Auto Credit Ltd., as well as the recent acquisition of European two-wheeler company KTM.
Bajaj Finserv is the financial services arm of the century-old Bajaj Group, operating as a diversified holding company. Headquartered in Pune, it offers a broad spectrum of services spanning consumer finance, SME lending, life and general insurance, mutual funds, and wealth management across India. Sanjiv Bajaj, brother of Rajiv Bajaj, is the chairman and managing director of Bajaj Finserv, which owns a majority stake in Bajaj Finance, its primary subsidiary responsible for lending and deposit operations.
“...Rajiv Bajaj, non-executive director, has informed the company that with additional responsibilities at Bajaj Auto Ltd., in recent times, owing to the setting up of Bajaj Auto Technology Ltd., and Bajaj Auto Credit Ltd., as well as the recent acquisition of KTM, he desires to reduce his other commitments,” said Bajaj Finserv in a statement.
Accordingly, Bajaj has expressed his intention to step down from the Board and has not offered himself for re-election at the ensuing annual general meeting scheduled to be held on 31 July 2026 (AGM). Rajiv Bajaj will cease to be a Director of Bajaj Finserv upon retirement by rotation at the said AGM.
“The Board of Directors took note of the above and placed on record its gratitude and appreciation for the valuable contribution of Rajiv Bajaj during his long association with the company,” said Bajaj Finserv in a statement.
Rajiv Bajaj’s departure marks another high-profile board-level change involving the Bajaj group. Earlier in April, he decided not to seek re- election as a non-executive director in Bajaj Finance.
In November 2025, Bajaj Auto fully acquired KTM by taking 100% ownership of its holding company, Pierer Bajaj AG. This 800-million euro deal granted the Indian automaker a 74.9% controlling stake in KTM's parent company, Pierer Mobility AG.
The auto major also reported its highest-ever standalone profit after tax for a quarter at Rs 2,746 crore in Q4 FY26, logging a growth of 34% year-on-year (y-o-y), owing to a steep jump in domestic and export volumes. Bajaj Finserv, on the other hand, reported 5% year-on-year jump in net profit at Rs 2,539 crore for the quarter ended March 31, 2026.
