In big move, Bajaj Finance eCOM, Insta EMI Card digital lending products put on hold by RBI
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The Reserve Bank of India (RBI) on Wednesday, November 15, ordered Bajaj Finance to put a halt to sanctioning and disbursing loans through two of its online lending products named eCOM and Insta EMI Card with an immediate effect. The RBI directive came after the company failed to adhere to the extant provisions of digital lending guidelines. RBI highlighted that the company did not issue key fact statements to borrowers for the lending products. There were also deficiencies concerning other digital loans sanctioned by the company, the RBI said.These supervisory restrictions will be reviewed after the rectification of said deficiencies to the satisfaction of the RBI, the central bank added. In August 2022, the RBI unveiled a set of regulations aimed at overseeing digital lending. ...