Bajaj Finance, with a loan book of Rs 4.62 lakh crore, is on track to become one of India's largest private sector banks if current growth rates continue. Chairman Sanjiv Bajaj, however, questions the necessity of becoming a bank, citing regulatory frameworks that currently prohibit business houses from owning banks. He believes the existing NBFC multi-tier model, with its access to debt markets and retail investors, is sufficient for continued growth and competition with banks.