RBI halts Bajaj finance lending
Bajaj Finance Ltd may face stock pressure following the Reserve Bank of India’s (RBI) directive to immediately cease sanctioning and disbursing loans for its ‘eCOM’ and ‘Insta EMI Card’ products. The RBI cited non-issuance of key fact statements and deficiencies in statements for other digital loans. The announcement, made after Wednesday’s market hours, led to a 1.84% drop in the stock to Rs 7,223.95 in an otherwise positive trading session. Bajaj Finance stated that supervisory restrictions will persist until rectifying deficiencies to the RBI’s satisfaction, committing to a detailed review and corrective actions. The NBFC temporarily halted new loans under ‘eCOM’ and ‘Insta EMI Card’ but affirmed its dedication to addressing RBI concerns and providing seamless financial services. The RBI indicated a review of supervisory restrictions upon satisfactory rectification of deficiencies.
