Sanjiv Bajaj, the chairman and managing director of Bajaj Finserv, has stated that the company is going to give people the option to opt out of receiving its spam calls, but those who do so company will not provide any service in future.
“You will see in three months on our website and our web app, an option, you click it, and we will never bother you again. You have the right to be forgotten with us,” said Sanjiv Bajaj, managing director of Bajaj Finserv Ltd.—the parent company—at an event to launch the company’s mutual fund business.
Opt out of #BajajFinance telemarketing calls, but don’t come back to us for loans, says Sanjiv Bajaj.
— BQ Prime (@bqprime) June 7, 2023
He said, many individuals, who take to social media to complain about repeated calls from representatives of the non-banking financial company attempting to sell loans, will probably see the action as a step in the right direction.
He added saying, although Bajaj admitted that the current system can be an issue at times, but stressed the importance of outreach.
“We issue 3 million loans a month and we get 1,500 complaints a quarter. No doubt, we have 1,500 people we have to solve for, to understand why they are getting bombarded, without 3 million people losing out on the opportunity to be financially included,” he said.
According to Bajaj, the lender currently receives 15% of its business as the outcome of telemarketing calls. This is a considerable amount, especially given that Bajaj Finance offers several small-ticket loans.
Bajaj Finance increased its assets under management by 29% to Rs 2.47 lakh crore during the three months that ended March 31 and acquired 30.9 lakh, new customers.
“Our aim would ideally be to bring this business down to 10 percent, and then to zero percent…so that our calls will only be service calls,” said Bajaj, during a press conference at the launch of Bajaj Finserv Asset Management Company in Mumbai.
“We want to give people the right to be forgotten by us,” said Bajaj. When asked whether the fund house’s customers would be besieged with calls from Bajaj Finserv about loans or insurance products, Bajaj said that many such calls originate from fake call centers.
Institutional fraud, in which individuals pose as employees and approach clients, is a serious problem, according to Bajaj. Just outside of Mumbai, they just dismantled a 400-member organised fraud phone centre.
Bajaj said that data ought to be mined to only make products available to customers, “rather than pro-actively calling the customer.”
The mutual fund would adhere to all data protection and privacy laws that support SEBI’s expectations, according to Bajaj’s managing director.