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Big win for Bajaj Finance as RBI lifts restrictions on eCOM and Insta EMI card loans
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
This clearance allows the company to resume the sanction and disbursal of loans in the eCOM and online digital Insta EMI card segments, as well as the issuance of EMI cards to customers. Shares of Bajaj Finance Ltd ended at ₹6,881.00, down by ₹50.05, or 0.72%, on the BSE.
Non-banking financial company Bajaj Finance on Thursday (May 2) said the Reserve Bank of India (RBI) has lifted the restrictions imposed on the sanction and disbursal of new loans under the ‘eCOM’ and online/digital Insta EMI card segments.
“Now, we wish to inform that the RBI, vide its letter dated 2 May 2024, based on the remedial actions taken by the Company, has conveyed its decision of lifting the said restrictions on eCOM and online digital ‘Insta EMI Card’, with immediate effect,” according to a stock exchange filing.
This decision comes after the company took remedial actions to address concerns raised by the regulatory authority.
The saga began in November 2023, when Bajaj Finance first announced the RBI’s restrictions on these specific business segments. The central bank had cited concerns, prompting the company to temporarily suspend the issuance of existing member identification cards (EMI cards) to new customers.
This clearance allows the company to resume the sanction and disbursal of loans in the eCOM and online digital Insta EMI card segments, as well as the issuance of EMI cards to customers.
Shares of Bajaj Finance Ltd ended at ₹6,881, down by ₹50.05, or 0.72%, on the BSE.
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