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If you are a customer of Bajaj Finance then this news may be useful for you. The Central Reserve Bank has barred Bajaj Finance from sanctioning and disbursing loans under its two loan products – Ecom and ‘Insta EMI Card’ with immediate effect.
What did the Reserve Bank say?
According to a statement issued by the Reserve Bank, under Section 45L (1) (B) of the Reserve Bank of India Act, 1934, Bajaj Finance Limited has been directed to stop sanctioning and disbursement of loans. The order will apply to Bajaj Finance’s two loan products – ‘Ecom’ and ‘Insta EMI Card’. According to the Reserve Bank, the company has not complied with the existing provisions of the Digital Loan Guidelines.
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