RBI ban on Bajaj Finance products: Important UPDATE from central bank

rbi ban on bajaj finance products: important update from central bank

rbi ban on bajaj finance products: important update from central bank

RBI ban on Bajaj Finance products: Bajaj Finance has announced that the Reserve Bank of India (RBI) has lifted the curbs on the temporary suspension of the issuance of existing Member identification cards (EMI cards) to new customers with immediate effect. Bajaj Finance has also said that the company will now resume sanctioning and disbursing loans in the two business segments, including the issuance of EMI cards.

“We wish to inform that the RBI, vide its letter dated 2 May 2024, based on the remedial actions taken by the Company, has conveyed its decision of lifting the said restrictions on eCOM and online digital ‘Insta EMI Card’, with immediate effect,” said Bajaj Finance in an regulatory filing on the BSE.

Reserve Bank of India on Bajaj Finance Products – Backdrop

Earlier, the Reserve Bank of India (RBI), vide its order dated November 15, 2023, under Section 45L(1)(b) of the RBI Act, 1934, had directed the Company to stop sanctioning and disbursing loans under its two lending products, namely, ‘eCOM’ and ‘Insta EMI Card’, with immediate effect, particularly with respect to the non-issuance of key fact statements to the borrowers under these two lending products and the deficiencies in the key fact statements issued in respect of other digital loans sanctioned by the company.

According to the exchange filing, these supervisory restrictions imposed by the RBI on the Bajaj Finance products were to remain in place till the deficiencies observed were made good by the company to the satisfaction of the RBI.

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