Mumbai/IBNS, June 9 -- Rajiv Bajaj, Non-Executive Director of Bajaj Finserv and Managing Director of Bajaj Auto, has decided to step down from the board of Bajaj Finserv, citing increased responsibilities at the automaker.

According to the filing, Bajaj's decision stems from his desire to reduce other commitments as he takes on additional responsibilities within the Bajaj Auto group.

The move is aimed at allowing Bajaj to devote greater attention to the automobile business as it expands into new technology, financing and global mobility segments.

Rajiv Bajaj is one of India's most prominent automobile industry leaders and has been instrumental in transforming Bajaj Auto from a scooter-focused manufacturer into a global motorcycle power...