The Reserve Bank of India (RBI) instructed Bajaj Finance to immediately halt approving and giving out loans for its ‘Ecom’ and ‘Insta EMI Card’ products. Consequently, Bajaj Finance has temporarily stopped providing EMI cards to new customers. This decision came after the RBI took action against the company. Bajaj Finance informed the
stock market about the temporary suspension of EMI card issuance for new customers. They’ll maintain this pause until they fix the issues identified by the RBI.
In response, Bajaj Finance stated that they’re working on addressing these problems swiftly and are committed to meeting all RBI requirements. The RBI’s directive came because Bajaj Finance didn’t
comply with the RBI’s Digital Loan Guidelines, specifically related to not providing essential information to customers regarding these loan products and other digital loans. This action was taken due to discrepancies in the details submitted. The RBI plans to reassess the ban once they are satisfied with
the changes made.