RBI lifts restrictions on Bajaj Finance’s eCOM, Insta EMI Card with immediate effect
The Reserve Bank of India (RBI) has given Bajaj Finance the green light to resume granting new loans under its eCOM and Insta EMI Card products. This decision follows the company’s compliance efforts and formal request for review. Bajaj Finance announced the RBI’s decision in a regulatory filing, stating that loan sanctioning and disbursal, along with EMI card issuance, will resume immediately. The RBI had previously halted these transactions in November due to non-compliance with digital lending guidelines, specifically regarding the issuance of key fact statements. Bajaj Finance, a subsidiary of Bajaj Finserv, offers a diverse lending portfolio catering to retail, SMEs, and commercial customers.
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