Impact On Bajaj Finance Shares After RBI Bars Loans Under eCOM, Insta EMI Card!

Shares of Bajaj Finance Ltd bounced back after initial fall of about 4% on Thursday. The Reserve Bank of India (RBI) asked it stop disbursing loans under two of its lending products namely, ‘eCOM’ and ‘Insta EMI Card’, with immediate effect. Bajaj Finance, meanwhile, can continue to issue Insta EMI Cards and the restriction is only on digital loan sanction and disbursal through these Insta EMI card, analysts noted. The RBI ban came in due to non-issuance of key fact statements to the borrowers under the two lending products, in addition to the deficiencies in the key fact statements issued in respect of other digital loans sanctioned by the NBFC.