RBI directs Bajaj Finance to stop sanction, disbursal of loans under two lending products

The Reserve Bank of India 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.

 

According to RBI press release on Wednesday, the move was implemented in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act,



1934.

 

It stated that the action was necessitated due to non-adherence of the extant provisions of Digital lending guidelines of Reserve Bank of India by the company. It informed that these supervisory restrictions will be reviewed upon the rectification of the said deficiencies to the satisfaction of the Reserve Bank.