Bajaj Finance shares are in the headlines as the RBI directs the NBFC to halt lending under two packages.

Bajaj Finance told stock exchanges that the supervisory limitations would stay in place until the shortcomings detected in the issuing of Key Fact Statements to borrowers are remedied to the satisfaction of the RBI.

The Reserve Bank of India (RBI) has asked Bajaj Finance Ltd to stop regulating and disbursing loans under its two lending offerings, namely, ‘eCOM’ and ‘Insta EMI Card’, with immediate effect, owing to the non-issuance of key fact statements to borrowers under these two lending products, as well as deficiencies in key fact statements given regarding the amount of other digital loans approved by NBFC.

The statement was made after the market closed on Wednesday. In an otherwise solid trading day on Dalal Street, the scrip slid 1.84 percent to Rs 7,223.95 per share.
Bajaj Finance told exchanges that the supervision limitations would stay in place until the shortcomings detected in the issuing of Key Fact Statements to borrowers are remedied to the satisfaction of the RBI.

In response, Bajaj Finance stated that it will conduct a thorough examination of the KFS and adopt necessary corrective steps to the approval of the RBI as soon as possible.
For the time being, Bajaj Finance has removed the sanction and disbursement of new loans under eCOM and online/digitally using the ‘Insta EMI Card’. We reaffirm our commitment to correcting RBI observations in Key Fact Statements and complying with RBI Directions as soon as possible, and we will continue to strive to deliver smooth financial services to our consumers,” Bajaj Finance stated. The RBI announcement stated that the supervisory limits will be revisited after the inadequacies were corrected to the pleasure of the RBI.

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