Case Brief
RBI directed Bajaj Finance Ltd. to stop sanction and disbursal of loans under its eCOM and Insta EMI Card products with immediate effect under section 45L(1)(b) of the RBI Act, 1934. The regulator said the company had not adhered to digital lending guidelines, including failure to issue Key Fact Statements to borrowers under these products and deficiencies in the Key Fact Statements issued for other digital loans. RBI said the supervisory restrictions will be reviewed once the deficiencies are rectified to its satisfaction.
Action Snapshot
- Primary Impact
- Business restriction
- Entity Type
- NBFC
- Action Type
- Business restriction