RBI lifts restrictions on Bajaj Finance's eCOM, Insta EMI Card with immediate effect
The RBI has decided to allow Bajaj Finance to resume the sanction and disbursal of loans in two business segments, including the issuance of EMI cards, following remedial actions taken by the company.
Bajaj Finance announced in an exchange filing that the Reserve Bank of India (RBI) has lifted its restrictions on the company's eCOM and online digital 'Insta EMI Card' businesses. This means that the company can now resume the sanction and disbursal of loans, including the issuance of EMI cards, in these two segments 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," the central bank had said.
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The central bank prohibited Bajaj Finance from advancing loans under 'eCOM' and 'Insta EMI Card' due to non-compliance with digital loan guidelines in November last year.
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