- RBI lifts restrictions on Bajaj Finance’s ‘eCOM’ and online Insta EMI card segments, effective immediately.
- Restrictions were imposed in November 2023 due to concerns raised by the RBI.
- Bajaj Finance resumes sanction and disbursal of loans and issuance of EMI cards after taking remedial actions.
The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance’s ‘eCOM’ and online Insta EMI card segments, allowing the company to resume sanctioning and disbursing loans and issuing EMI cards. These restrictions were initially imposed in November 2023 following concerns raised by the RBI, prompting Bajaj Finance to temporarily halt new loans under these lending products.
In a regulatory filing, Bajaj Finance announced that the RBI’s decision to lift the restrictions comes after the company took remedial actions to address the concerns raised by the regulatory authority. With immediate effect, Bajaj Finance will restart sanctioning and disbursing loans in the eCOM and Insta EMI card segments, ensuring adherence to regulatory guidelines.
This move by the RBI reflects the regulatory authority’s acknowledgment of Bajaj Finance’s efforts to rectify the issues highlighted in November 2023. It also signals a positive development for Bajaj Finance, allowing the company to resume its lending activities in key segments of its business, thereby facilitating financial access for consumers.
