RBI On Bajaj Finance: The country’s largest NBFC Bajaj Finance has suffered a major setback. Banking sector regulator Reserve Bank of India has asked Bajaj Finance Ltd to immediately stop approving and disbursing loans under two lending products eCOM and Insta EMI Card. Ordered to be installed. This order of RBI has come into effect immediately.
Case of violation of digital lending guidelines
Action against Bajaj Finance Ltd. under Section 45L(1)(b) of the Reserve Bank of India Act, 1934https://t.co/o5qMfckCZi
— ReserveBankOfIndia (@RBI) November 15, 2023
Action under RBI Act
RBI has issued these guidelines to Bajaj Finance under the powers given under the Reserve Bank of India Act 1934. RBI said that after these deficiencies are corrected, the supervisory restrictions will be reviewed and RBI will review the decision after its satisfaction.
Fall in Bajaj Finance stock
This order from RBI has come after the closure of the stock market but in today’s trading session There has been a big decline in the stock of Bajaj Finance. The stock closed at Rs 7,224.30 with a fall of 1.86 percent or Rs 136.55.
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