Bajaj Finance announced that the Reserve Bank of India (RBI) has lifted restrictions on its sanctioning and disbursal of loans via eCOM and Insta EMI Card.
The central bank had previously directed Bajaj Finance to halt these activities last November due to non-compliance with digital lending guidelines. However, the RBI, in a letter dated May 2, 2024, informed the company that these restrictions are now lifted, attributing it to the remedial actions taken by Bajaj Finance.
Consequently, the company will resume loan sanctioning and disbursal, including the issuance of EMI cards, in these two business segments.
Bajaj Finance reiterated its commitment to adhering to regulatory guidelines. The RBI had imposed the restrictions on November 15, 2023, citing Bajaj Finance’s failure to comply with key provisions of digital lending guidelines, notably the non-issuance of key fact statements to borrowers under the two lending products.
(With inputs from PTI)