Bengaluru: India’s central bank on Wednesday barred Bajaj Finance from issuing loans under two products with immediate effect, due to deficiencies in adhering to digital lending guidelines.
Bajaj Finance did not issue key information to borrowers under the eCOM and Insta EMI Card lending products, which offer small-ticket consumer finance, the Reserve Bank of India (RBI) said in a statement.
There were deficiencies in the information for other digital loans by the company, it said.
The restrictions will be reviewed after the company rectifies the deficiencies, the RBI added.
(Reporting by Nishit Navin; Editing by Varun H K)
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