The Reserve Bank of India has directed Bajaj Finance Limited to stop the sanction and disbursal of loans under two of its lending products – ‘eCOM and ‘Insta EMI Card with immediate effect as the non-banking financial company did not comply with certain norms.
The Reserve Bank of India (RBI) has ordered NBFC Bajaj Finance to cease lending under its eCOM and Insta EMI Card products due to non-adherence to RBI s lending norms, including non-issuance of Key Fact Statements and deficiencies in other digital loans.
The Reserve Bank of India 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' .
These supervisory restrictions will be reviewed after the rectification of the said deficiencies to the satisfaction of the Reserve Bank of India, reads a statement by a central bank