The Reserve Bank of India (RBI) on Thursday lifted the restrictions on Bajaj Finance's eCOM and online digital ‘Insta EMI Card’, with immediate effect, said the company in an exchange filing.
"We wish to inform that the RBI, vide its letter dated 2 May 2024, based on the remedial actions taken by the Company, has conveyed its decision of lifting the said restrictions on eCOM and online digital ‘Insta EMI Card’, with immediate effect," the consumer financier said in its filing.
The Company would now resume sanction and disbursal of loans in the above two business segments including issuance of EMI cards.
The central bank in November last year barred Bajaj Finance from sanctioning and advancing loans under the two lending products - 'eCOM' and 'Insta EMI Card' due to what the regulator described as 'non-adherence' with existing digital-loan guidelines.
"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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