RBI asks Bajaj Finance to stop lending via ‘eCOM’ and ‘Insta EMI Card’ products
Exercising its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, the Reserve Bank of India (RBI) has directed Bajaj Finance Ltd. to stop sanction and disbursal of loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.
This action is necessitated due to the non-adherence of the company to the extant provisions of Digital lending guidelines of the Reserve Bank of India, particularly 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.
These supervisory restrictions will be reviewed upon the rectification of the said deficiencies to the satisfaction of RBI.
[With Inputs from IANS]
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Good action.