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RBI tells Bajaj Finance to stop loans under ‘eCOM’, ‘Insta EMI’ products

Published on November 17, 2023
Current Context: The Reserve Bank of India (RBI) has directed Bajaj Finance Limited to stop the sanction and disbursal of loans under two of its lending products – ‘eCOM’ and ‘Insta EMI Card’ with immediate effect.
RBI tells Bajaj Finance to stop loans under ‘eCOM’, ‘Insta EMI’ products
  • The action was taken due to Bajaj Finance’s non-adherence to the extant provisions of RBI’s digital lending guidelines.
  • The RBI has stated that these supervisory restrictions on Bajaj Finance will be reviewed upon the rectification of the said deficiencies to the satisfaction of the central bank.
  • Bajaj Finance has said it will review the Key Fact Statement (‘KFS’) for the loans booked under the two lending products, based on the concerns raised by the RBI and implement requisite corrective actions.
  • They do not expect this action to have a material financial impact on the company.

Question:

Q.1 Who directed Bajaj Finance Limited to stop the sanction and disbursal of loans under two of its lending products – ‘eCOM’ and ‘Insta EMI Card’?
a. Securities and Exchange Board of India (SEBI)
b. Ministry of Finance, Government of India
c. Reserve Bank of India (RBI)
d. Insurance Regulatory and Development Authority of India (IRDAI)

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