The Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect owing to non-adherence of lending norms set out by the regulator.
"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," RBI said in a press release on Wednesday.
The central bank has said that it will review these supervisory restrictions following the rectification of the deficiencies listed out, to the satisfaction of the RBI.
(This is a breaking development, please check back for more updates)
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