New Delhi : 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’ 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 Reserve Bank of India, particularly 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.
Related Posts
Stock market special session today, Sensex jumps 120 points
Wipro appoints Sanjeev Jain as COO as Amit Choudhary moves on
JSW Steel posts 64 pc decline in Q4 net profit at Rs 1,299 crore