Desk note · industry · Consumer credit / NBFCs
On its 19 October 2026 earnings call, managing director Rajeev Jain said Bajaj Finance plans to cut new loans to customers with three or more lending relationships from about 7% of originations today to 3.5% by March 2027, while booking an extra ₹337 crore macro provision as unsecured portfolios face oil and inflation stress.
On 19 October 2026, Bajaj Finance Ltd reported September-quarter results and used the earnings call to tighten underwriting on India's largest unsecured book. Managing director Rajeev Jain said the lender will halve the share of new loans going to customers who already have three or more personal loans. That bucket fell from 14% of originations to 7% and is targeted at 3.5% by March 2027. Jain called multiple unsecured relationships a single metric that still troubles credit teams because those borrowers show higher default tendencies. The company also made a ₹337 crore macro-economic provision, citing stress tests on unsecured and non-salaried portfolios that could feel higher oil prices and inflation. Reported loan losses and provisions reached ₹2,166 crore for the quarter. Stage 2 and 3 assets climbed to 2.02% of loans from 1.87%, partly because gold loans on discontinued short-tenor schemes moved into stage 2.
Non-bank lenders grew quickly by offering instant personal loans through apps and dealer tie-ups. When the Reserve Bank of India worries about household leverage, the first response inside large NBFCs is to starve the riskiest origination mix while profits still look healthy. Cutting multi-loan customers is a volume trade for lower future credit costs. The extra provision signals management does not want to surprise investors if festive-season borrowers slip on repayments. Gold loans are collateralised, but regulatory changes on tenor and loan-to-value can push paper into stage 2 even before defaults appear. Other consumer lenders may copy the three-loan screen if their own early delinquency ticks up.
If you rely on stacked personal loans or credit lines, expect tighter approvals and smaller ticket sizes from Bajaj Finance and peers that follow. Shop for consolidation before applying for another top-up. If you invest in NBFC shares, treat strong net profit growth as less important than origination mix and provision lines this quarter. Watch whether rivals disclose similar multi-loan caps, RBI speeches on retail unsecured credit, and Bajaj Finance's March 2027 target for the 3.5% share.
Telecom / IPO
On 22 October 2026, exchange data showed Jio Platforms’ ₹30,213 crore issue had drawn about ₹3.73 lakh crore of total bids by late evening on Day 2, with the retail portion oversubscribed and market commentators citing diverted cash from other listed stocks during the book build.
SEBI / market infrastructure
On 22 October 2026, the Securities and Exchange Board of India proposed letting stock exchanges and depositories fund core-market and regulator-mandated initiatives without prior approval for each ticket, while keeping board oversight and financial safeguards and inviting comments until 12 November.
E-commerce / food delivery
On 22 October 2026, reporting said Flipkart is testing an internal food delivery product called Eat-in by Minutes with more than 8,000 employees in Bengaluru, using Ekart logistics as it prepares to compete with Zomato and Swiggy in meal delivery.
Digital trust / compliance
On 22 October 2026, eMudhra Ltd said its board will voluntarily withdraw from the global SSL/TLS certificate segment after a key-security incident on eight intermediate certificates, citing compliance cost and weak economics while stressing that other digital-trust services continue.
For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.