Let us tell you that the Reserve Bank of India (RBI) had directed Bajaj Finance to stop the approval and distribution of loans under its two loan products ‘Ecom’ and ‘Insta EMI Card’ with immediate effect.
Bajaj Finance has temporarily suspended the issuance of EMI cards to new customers. The company has taken this decision after action by the Reserve Bank. Bajaj Finance told the stock market that the company has temporarily suspended the issuance of EMI cards for new customers. This moratorium will remain in place until the deficiencies observed by the RBI are rectified.
What the company said: Bajaj Finance said that the company is in the process of implementing necessary actions to close the deficiencies as soon as possible. The company will remain engaged with RBI to ensure compliance on all parameters. Let us tell you that the Reserve Bank of India (RBI) had directed Bajaj Finance to stop the approval and distribution of loans under its two loan products ‘Ecom’ and ‘Insta EMI Card’ with immediate effect.
The Reserve Bank said- Non-compliance by the company with the extant provisions of the Digital Loan Guidelines of the Reserve Bank of India, particularly in respect of non-disclosure of key facts to the customers under these two loan products and other digital loans sanctioned by the company. This action has become necessary due to deficiencies in the key details submitted. RBI will review the ban again after satisfaction.
