The Reserve Bank of India (RBI) has given the green light to Bajaj Finance to resume the sanction and disbursal of new loans under its ‘eCOM’ and online platforms, including the popular ‘Insta EMI Card’. This decision comes shortly after the company demonstrated compliance with regulatory guidelines and formally requested a review from the RBI.
Bajaj Finance, in a regulatory filing, stated, “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.”
This move signals a positive turn for Bajaj Finance, allowing it to resume full-scale operations in these crucial business segments. The company is now authorized to resume the sanction and disbursal of loans in the mentioned areas, including the issuance of EMI cards.
The temporary restriction imposed by the RBI had affected Bajaj Finance’s ability to offer new loans through digital channels, impacting its market presence and customer outreach. However, with the regulatory approval now in place, the company can once again serve its customers seamlessly through its eCOM platform and the widely used Insta EMI Card.
The lifting of these restrictions underscores the importance of regulatory compliance in the financial sector and the efforts made by companies like Bajaj Finance to address regulatory concerns promptly. This development is expected to boost investor confidence in Bajaj Finance and contribute positively to its business growth in the coming quarters.
