Bajaj Finance news update:
On Thursday (May 2), Bajaj Finance, a non-banking financial company, announced that the Reserve Bank of India (RBI) has removed the restrictions on granting and disbursing new loans within the ‘eCOM’ and online/digital Insta EMI card sectors.
In a filing with the stock exchange, the company stated, “We are pleased to inform that the RBI, through its communication dated May 2, 2024, has lifted the aforementioned restrictions on eCOM and online digital ‘Insta EMI Card’ segments, effective immediately,” indicating that the regulatory body’s decision was based on the corrective measures implemented by the company.
This development follows the company’s efforts to address concerns highlighted by the regulatory authority.
The sequence of events began in November 2023 when Bajaj Finance initially disclosed the RBI’s constraints on these specific business areas. The central bank had expressed apprehensions, leading the company to temporarily halt the issuance of new member identification cards (EMI cards) to prospective customers.
This clearance now enables the company to resume granting and disbursing loans within the eCOM and online digital Insta EMI card sectors, as well as issuing EMI cards to customers.
