The financial services arm of Bajaj Group, Bajaj Finserv is also highly interested to enter into the banking industry.

Bajaj Finserv MD Sanjiv Bajaj said, "We are a zero-debt company having an idle cash of Rs 800 crore and would like utilise the resources to venture into banking. We are waiting for the final guidelines from the Reserve Bank of India on awarding new banking licences before taking forward our proposed plan in banking foray."

The organization plans to enter into two new segments in the near future. The segments targeted are mutual fund and wealth management.

The approval for entering into the mutual fund segment in association with Allianz would be received in the upcoming 10-12 weeks. But the company would hit the market in April next year.

Bajaj says that the wealth management services would be started by September.

"Though my group's topline business is lying stagnant for past couple of years, we have witnessed a strong bottomline growth in business during the period," said Bajaj.

Speaking on the SEBI-IRDA turf over ULIPS, Bajaj said, "Once there is clarity , it will be beneficial for both the industry and the policyholders as well."

Speaking about its vehicle financing arm, Bajaj Auto Finance (BAFL), he said, "We plan to increase the loanbook size of the arm to Rs 10,000 crore, against Rs 4,500 crore in 2009-10 , over a period of 18-24 months, ensure a growth of 40% per annum".