What action did RBI take against Bajaj Finance in relation to lending
RBI has imposed restrictions on Bajaj Finance for providing loans under two specific products.
RBI (Reserve Bank of India) took certain actions against Bajaj Finance in relation to lending. The following points outline the restrictions imposed by RBI on Bajaj Finance:
- RBI has prohibited Bajaj Finance from issuing new credit cards to customers.
- It has also directed the company to stop its digital lending business. Bajaj Finance was offering loans through the digital channels, which have been halted.
- The restrictions have been imposed due to concerns over the company's lending practices and the quality of its loan portfolio.
- RBI found that the company had not provided satisfactory answers to several regulatory queries, which led to these restrictions.
- Bajaj Finance has been instructed by the RBI to conduct an internal inquiry and submit a report on the reasons behind the regulatory lapses.
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a year ago