
Bajaj Finance shares nosedive 4% as RBI bars lending via 2 digital products
The RBI has directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products namely, ‘eCOM’ and ‘Insta EMI Card’.
The RBI has directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products namely, ‘eCOM’ and ‘Insta EMI Card’.
The central bank says non-adherence of Bajaj Finance to the extant provisions of digital lending guidelines of the Reserve Bank of India necessitated this action.
The company proposes to offer a discount of up to 5% on the floor price
Bajaj Finance’s assets under management grow 33% or ₹20,167 cr to ₹2,90,264 cr in Q2 FY24; standalone profit surges 26%
The NBFC major is estimated to add 14 million customers—11 million offline and 3 million digital--- in this financial year.
Rajeev Jain has led the Pune-headquartered company’s digital transition and launched new lines of businesses, adding to its heft.
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Reliance, with its scale and capital, will make it tough for NBFC incumbents and fintech players to grab incremental market share.
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