Bajaj Finance Asked To Stop Sanction, Disbursal of Loans under eCOM and Insta EMI Card Products
IANS 16 November 2023
The Reserve Bank of India (RBI) has on Wednesday in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, 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 non-adherence of the company to the extant provisions of digital lending guidelines of RBI, particularly non-issuance of 'key fact statements' (KFS) to the borrowers under these two lending products and the deficiencies in the KFSs issued in respect of other digital loans sanctioned by the company.
These supervisory restrictions will be reviewed on the rectification of the said deficiencies to the satisfaction of RBI.
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