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A couple of days back, EY employee Anna Sebastian Perayil’s death had left the entire nation shocked. The 26-year-old’s mother had blamed <keyword id="21541838" type="General" weightage="20" keywordseo="work-stress" source="keywords">work stress</keyword> for her death. The incident reignited debates about the importance of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> and people took to social media to react to the incident. Now, yet another tragic incident has unfolded in Jhansi. <h2>42-year-old <keyword id="19955371" type="General" weightage="100" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> employee dies by suicide </h2> A 42-year-old area manager, employed by Bajaj Finance, was found dead in his home on Sunday morning. According to a PTI report, the employee, named <keyword id="23381707" type="General" weightage="20" keywordseo="Tarun-Saxena" source="keywords">Tarun Saxena</keyword>, ended his life by hanging, leaving behind a suicide note in which he alleged severe work pressure and <keyword id="20186119" type="General" weightage="20" keywordseo="mental-harassment" source="keywords">mental harassment</keyword> by his superiors. Tarun Saxena’s body was discovered by his housekeeper, who immediately alerted his family. The local police, as per a ET report, confirmed the recovery of a suicide note, which contains accusations against his senior colleagues. <h2>What was in the suicide note? </h2> In the letter, Saxena revealed he was facing immense pressure to meet recovery targets, stating that his seniors had threatened him with salary deductions and the possibility of losing his job if he failed to achieve the required quotas. According to Saxena’s note, the pressure to meet unrealistic targets had left him mentally and physically drained. “I have not slept for 45 days. I have hardly eaten. I am under a lot of stress. Senior managers are pressuring me to meet targets at any cost or quit,” Saxena wrote in his final letter. He also mentioned that employees were forced to cover missed loan payments from their own pockets, adding to the financial burden. I am very tense about the future. I have lost my ability to think. I am going”, the suicide note added as per NDTV. Saxena reportedly also named his superiors in the note and urged his family to file a police complaint against them, holding them responsible for his death. His family, still grappling with the loss, has yet to lodge an official complaint with the authorities. However, the local police have assured that an investigation will be conducted if a formal complaint is registered. Superintendent of Police Gyanendra Kumar Singh confirmed that a post-mortem has been ordered, and the police are prepared to take action pending further developments. Tarun Saxena’s death sheds light on the growing issue of <keyword id="22447710" type="General" weightage="20" keywordseo="workplace-stress" source="keywords">workplace stress</keyword> and its tragic consequences. Bajaj Finance, at the centre of the allegations, is yet to issue a formal statement regarding the incident. <h2>“He was mentally tortured,” says cousin</h2> The 42-year-old’s cousin, <keyword id="20130532" type="General" weightage="20" keywordseo="gaurav" source="keywords">Gaurav</keyword> Saxena, corroborated his late brother’s claims. He said that a virtual conference that was held on Sunday morning, involving senior managers, further pushed his cousin to the breaking point. Gaurav also alleged that during the call, abusive language was used, and his cousin was humiliated over his inability to meet the stringent recovery demands. "In the morning, he was mentally tortured by his regional manager Prabhakar Mishra and national manager Vaibhav Saxena. Abuses were also hurled at him during a conference, which was held virtually. He was quite frustrated since that (Saturday) night, following which he took the extreme step (on Sunday),” Gaurav said as per a report in PTI. He added, ”He was told that in case of non-fulfilment of the target, he would have to pay from his own pocket. He was assigned areas like Moth and Talbehat for collection, which are rural areas.” (With PTI inputs)

‘Being pressurised to meet targets at any cost, I am leaving’: Bajaj Finance employee dies by suicide, leaves note blaming work stress

<ul><li>Unsecured <keyword id="35520" type="General" weightage="50" keywordseo="personal-loans" source="Orion">personal loans</keyword> account for 37% of Bajaj Finance’s loan book, while it is at 21% for Aditya Birla Capital and it is 27% for IIFL (standalone).</li><li>Tighter norms may impact <keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword>’s break-even timelines if there is a slowdown in loan disbursals.</li><li><keyword id="706950" type="General" weightage="50" keywordseo="aditya-birla-finance" source="Orion">Aditya Birla Finance</keyword> and IIFL may need to infuse capital after the November 16 tightening of capital norms by RBI. </li></ul>Reserve Bank of India’s <a href="https://www.businessinsider.in/finance/news/rbi-tightens-norms-on-personal-loans-for-banks-and-nbfcs-stock-reaction/articleshow/105277492.cms" data-type="tilCustomLink" target="_blank">crackdown on personal loan disbursals</a> by banks and non-banking finance companies will have a cascading effect on the sector. But the worst hit will be non-bank players as they will be hit on both asset and the liability sides. While they will have to pay higher rates while borrowing from banks and bond markets, they will also have to pass on higher costs to borrowers. This will slow down the rapid growth in their balance sheet, which has been driven by rapid growth in the disbursement of unsecured personal/consumer loans. According to analysts, non banking finance companies like Paytm and Bajaj Finance would be most affected by RBI’s move to tighten capital norms on unsecured loans and also loans disbursed to non banks. This will not only make lending more expensive for non banks but in many cases will also force them to raise more capital ahead of schedule. <keyword id="116253" type="General" weightage="80" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword>, Bajaj Finance, IIFL and Aditya Birla have relatively higher proportion of unsecured loans on their portfolio and, therefore, tighter capital norms will impact them the most. Unsecured personal loans account for 37% of Bajaj Finance’s loan book, while it is 21% for Aditya Birla Capital and it is 27% for IIFL (standalone), according to Jefferies. According to Jefferies, SBI Cards can see an estimated.400 basis points cut in its Tier 1 capital adequacy ratio while Bajaj Finance can see 220 basis point hair cut to Tier 1 CAR. However, both NBFCs are well capitalised and have higher return on equity (low capital consumption). “IIFL (standalone entity) and Aditya Birla Capital can see a 50-80 bps haircut to Tier 1 capital, which can lower their Tier 1 to 13%/15%. IIFL may need to infuse capital in the standalone entity; at ABFL, next phase of capital raise may get advanced,” the global investment bank said in a report. in funding costs. SBI Cards faces highest drag on Tier I CAR and highest dependence on bank-funding. The tighter norms will not impact NBFCs but even fintechs like Paytm. Loan disbursals by fintechs will also slow down from the current levels as they may find it hard to raise funds and even pass on higher cost loans to consumers. Japanese investment bank Nomura says in a report, that in the past 18 months, nearly 25%-30% of incremental growth for NBFCs has come from unsecured retail. Any moderation in unsecured credit for NBFCs will hence have an impact on both growth and profitability for NBFCs in our view. Moreover, the regulatory action comes at a time when credit costs in these segments have started to inch up. For Paytm's lending partners, higher funding costs and increased capital requirements will affect product profitability in the buy-now-pay-later and personal loans segments. Non bank lenders like private banks may also start to improve their underwriting standards after this which will impact overall growth. Jefferies says: “We also watch out for the pricing environment and ability of Paytm to pass-through hike in funding costs. In our base case earnings, we forecast consumer loan disbursal growth to normalise from 90% in FY24 to 40% in FY25 and 35% in FY26. Any additional 10 percentage point slower disbursal growth (vs. base case) in FY25/26E can lead to 5-10% impact on lending revenues and ~2-3% impact on overall contributions, which may impact break-even timelines as well. Paytm may be able to compensate for this through faster ramp-up of its merchant financing business.” ALSO READ: <a href="https://www.businessinsider.in/personal-finance/news/the-dark-truth-behind-rbis-crackdown-on-easy-personal-loans/articleshow/105287366.cms" data-type="tilCustomLink" target="_blank">The dark truth behind RBI’s crackdown on easy personal loans</a>

RBI crackdown on personal loans – Bajaj Finance, IIFL, Aditya Birla and SBI Cards to take a bigger hit, say analysts

<ul><li><keyword id="68683" type="General" weightage="20" keywordseo="sanjiv-bajaj" source="Orion">Sanjiv Bajaj</keyword>, the chairman of <keyword id="85462" type="General" weightage="20" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> has said that his company will come out with a ‘right to be forgotten’ feature for users who want to opt out of its marketing calls. </li><li>RBI deputy governor when asked said on Thursday that the telecom regulator is the right authority to deal with the issue. </li><li><keyword id="6358511" type="General" weightage="20" keywordseo="bajaj" source="Orion">Bajaj</keyword>’s plan to offer a parallel <keyword id="5984827" type="General" weightage="20" keywordseo="do-not-disturb" source="Orion">do-not-disturb</keyword> (<keyword id="311748" type="General" weightage="20" keywordseo="dnd" source="Orion">DND</keyword>) feature has angered the <keyword id="639251" type="General" weightage="20" keywordseo="twitterati" source="Orion">Twitterati</keyword>. </li></ul> A day after Sanjiv Bajaj, the chairman of Bajaj Finserv stirred the hornet’s nest by promising that his company will bring down marketing calls with a ‘new feature’ in three months, India’s banking regulator RBI said that the telecom regulator is the right authority to address the issue, when posed a question at a press conference but added that it will look into it as the question has been raised. Bajaj said that his company would bring either a feature on its website or an app wherein people who do not want to receive calls can register. The feature is to be called ‘right to be forgotten’. "You will see, in three months' time, on our website and our web app will be an option – you click it – we will never bother you again. You'll have the right to be forgotten by us but then make sure you don't come back to us for our products and solutions," Bajaj said on Wednesday with reference to a question on cross-selling of financial products to existing customers. When the RBI was asked to comment on customer service standards, the central bank said there were rules which apply to telemarketers and recovery agents. The Telecom Regulatory Authority of India (TRAI) has a Do Not Call registry where customers can register their numbers if they do not wish to be disturbed. However, it does not make the distinction between receiving calls for transactions and calls by telemarketers. “On the calls as far as recovery agents are concerned we have already issued our guidelines and put out a code as to what they have to follow. As a marketing tool, it’s the decision of the individual bank and the TRAI has to look into as there is a do not call registry. Now that you have brought it up, we will look into it,” M K Jain, deputy governor of the Reserve Bank of India (RBI) told at a press conference following <a href="https://www.businessinsider.in/finance/news/rbi-mpc-holds-interest-rate-as-expected-but-stance-maintained-at-withdrawal-of-accommodation/articleshow/100839034.cms">monetary policy committee decisions</a>. TRAI is the telecom regulator which has set up a Do Not Call registry wherein users can opt out of marketing calls. However, it’s without teeth since most agencies break the registry rules, spamming consumers with unwanted calls and offers. A survey by <a href="https://www.localcircles.com/a/press/page/unwanted-phone-calls-survey">Localcircles claims that </a>two in three people get at least three pesky calls per day. Opt out? When did we opt in?, ask Twitterati Amongst the sea of real estate project updates and credit card offers that come via calls, Bajaj Finance’s calls have stood out in volume and persistence. Its aggressive marketing tactics have amused, angered and irritated Twitterati — which is rife with memes and updates from its agents offering loans. Bajaj’s recent move to run a parallel DND has annoyed the Twitterati, even more. “Can’t believe Sanjiv Bajaj of Bajaj Finance said you can opt out of our telemarketing calls, but don’t come back to us for loans. As if the loans they are selling are part of Charitable Services. It’s their business and they are making money out of it,” said @joydas, a Twitter user. “What is opt out? When did we opt in? Does Bajaj Finance only call people who need a loan. Are there no other loan providers?” said Debashis Basu of Moneylifers. The Twitterati was also sarcastic of Bajaj’s ‘magnanimous concession’ to those bothered by calls. “Bajaj Finance is primarily a spamming company and only secondarily a finance company. Ask anyone and they will tell you about it,” said another Twitter user. A lot of companies’ customer service or the lack of it has been a hot topic across social media. Be it endless harassment via calls, selling wrong products to customers and irate lack of redressal — are now being taken <a href="https://www.businessinsider.in/personal-finance/news/ulips-are-not-for-senior-citizens-heres-how-to-pick-the-right-investments-to-secure-the-golden-years-of-your-life/articleshow/100591746.cms">up by regulators </a>and companies alike, as it’s becoming tough to ignore.

After Twitterati scream foul about pesky calls, RBI says 'will look into it'

<ul><li>FM Sitharaman announced a slew of measures, including a total liquidity infusion of ₹30,000 crore into non-banking finance companies.</li><li>As a result, the <keyword id="6297583" type="COMPANY" weightage="20" keywordseo="Bajaj-Finance-share-price">Bajaj Finance share price</keyword> soared in early trade on Thursday, May 14, increasing by ₹90, up by nearly 5%.</li></ul>The Bajaj Finance share price soared in early trading on Thursday, May 14, after the Indian government announced measures to inject liquidity in the non-banking financial companies (NBFC) sector. Shares of the company were trading at ₹2258 in early trading on Thursday, May 14, up by nearly 5% from the closing price on May 13. “Strong set of fiscal measures announced by FM today covering many areas (details to be read). Particularly, this will help the MSME sector and smaller NBFCs that were asking for this,” said Bajaj Finance Vice Chairman <keyword id="68683" type="PERSON" weightage="20" keywordseo="Sanjiv-Bajaj">Sanjiv Bajaj</keyword> welcoming the announcements made on May 13. <div type="twitter" handle="sanjivrbajaj" handlename="Sanjiv Bajaj" image="http://pbs.twimg.com/profile_images/1037644948575666176/BSplAUQK_normal.jpg" favoritecount="631" retweetcount="83" status="Strong set of fiscal measures announced by FM today covering many areas (details to be read). Particularly, this wi… https://t.co/2tiW4D2nUZ" createdat="1589376661000" id="1260563197611966465"></div> On May 13, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> <a href="https://www.businessinsider.in/policy/economy/news/top-highlights-of-finance-minister-nirmala-sitharaman-speech-on-modi-20-lakh-crore-covid-19-stimulus/articleshow/75714287.cms">announced</a> a slew of measures as part of the first tranche of the Modi government’s Covid-19 stimulus package. Earlier this month, broking house Motilal Oswal had set a target price of ₹2,300 for the stock, and it is now less than ₹50 short of that. <div type="Article" hostid="261" msid="75714287" title="Finance Minister Nirmala Sitharaman reveals the details of Modi's ₹20 lakh crore stimulus package" mstype="2" mssubtype="0"></div> Why is the Bajaj Finance stock soaring? The Indian government has stepped in to offer some much-needed relief to the NBFC sector which is reeling under a liquidity crunch due to the shutdown. FM Sitharaman also <a href="https://www.businessinsider.in/policy/economy/news/top-highlights-of-finance-minister-nirmala-sitharaman-speech-on-modi-20-lakh-crore-covid-19-stimulus/articleshow/75714287.cms">announced</a> an additional liquidity infusion of ₹30,000 crore into NBFCs. Apart from this, the government will also expand an existing credit guarantee scheme that will bring benefits of ₹45,000 crore to the NBFC sector. The Finance Minister revealed on May 13 that the government has sanctioned loans worth ₹77,383 crore between March 1 and May 4 to NBFCs and housing finance companies. Further, SBI, the largest bank in India, has <a href="https://www.thehindu.com/business/sbi-to-extend-loan-moratorium-to-nbfcs/article31520920.ece">also decided</a> to offer loan moratorium to NBFCs, which will help these companies preserve liquidity in the short term. With the Indian economy shut down for nearly two months due to the coronavirus, there has been a severe liquidity crunch in all sectors. According to a CARE Ratings report dated April 17, the NBFC sector has been witnessing adverse impact of the lockdown in the personal loans and unsecured MSME loans segments due to layoffs, pay cuts and restricted demand. See also: <a href="https://www.businessinsider.in/policy/economy/news/top-highlights-of-finance-minister-nirmala-sitharaman-speech-on-modi-20-lakh-crore-covid-19-stimulus/articleshow/75714287.cms">Finance Minister Nirmala Sitharaman reveals the details of Modi's ₹20 lakh crore stimulus package</a> <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">Finance Minister Nirmala Sitharaman announces six measures for the MSME sector </a> <a href="https://www.businessinsider.in/india/news/how-many-zeros-in-20-lakh-crore-and-other-memes-on-pm-stimulus-package-to-fight-covid-19-impact/articleshow/75712397.cms">‘How many zeros in ₹20 lakh crore’ and other memes on Prime Minister Modi’s stimulus package to fight COVID-19 impact</a>

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‘Being pressurised to meet targets at any cost, I am leaving’: Bajaj Finance employee dies by suicide, leaves note blaming work stress

BI India Bureau

RBI crackdown on personal loans – Bajaj Finance, IIFL, Aditya Birla and SBI Cards to take a bigger hit, say analysts

Malini Bhupta

After Twitterati scream foul about pesky calls, RBI says 'will look into it'

Katya Naidu

Bajaj Finance shares surge as Nirmala Sitharaman’s cash injection for both NBFCs and small businesses will benefit Sanjiv Bajaj’s company

Rounak Jain

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