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Home News

RBI Directs Bajaj Finance to Halt Two Digital Lending Products

Non-compliance with Digital Lending Guidelines Leads to RBI Action

India CSR by India CSR
November 16, 2023
in News
Reading Time: 2 mins read
RBI Directs Bajaj Finance to Halt Two Digital Lending Products
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Synopsis

The RBI’s actions against Bajaj Finance and Paytm Payments Bank underscore its commitment to enforcing digital lending guidelines and maintaining regulatory compliance within India’s evolving digital finance landscape.

NEW DELHI: In a significant regulatory move, the Reserve Bank of India (RBI) ordered Bajaj Finance to cease sanctioning and disbursing loans under its ‘eCOM’ and ‘Insta EMI Card’ programs, citing non-compliance with digital lending guidelines.

RBI’s Directive and Reasons

Immediate Suspension of Lending Products

On Wednesday, the RBI mandated an immediate halt to Bajaj Finance’s two digital lending products. The central bank’s statement indicated that the suspension was due to Bajaj Finance’s failure to adhere to the RBI’s digital lending guidelines, particularly regarding the non-issuance of Key Fact Statements to borrowers and deficiencies in these statements for other digital loans sanctioned by the company.

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Impact on Bajaj Finance’s Stock

Following this announcement, Bajaj Finance’s shares experienced a downturn, falling 1.84% to Rs 7,223.95 on the Bombay Stock Exchange (BSE).

Supervisory Restrictions and Future Review

The RBI clarified that these supervisory restrictions would be subject to review upon the rectification of the highlighted deficiencies to the RBI’s satisfaction.

Context: RBI’s Increasing Scrutiny on Digital Lending

Recent Penalty on Paytm Payments Bank

Last month, the RBI imposed a penalty of Rs 5.39 crore on Paytm Payments Bank Ltd for non-compliance with various provisions, including Know Your Customer (KYC) norms, guidelines for licensing of payments banks, cybersecurity framework, and securing mobile banking applications.

Special Scrutiny and System Audit

A special scrutiny from the KYC/Anti-Money Laundering (AML) perspective was conducted on Paytm Payments Bank, accompanied by a comprehensive system audit by auditors identified by the RBI.

Findings and Violations

The RBI’s examination revealed that Paytm Payments Bank failed in identifying beneficial owners for entities onboarded for payout services. It also did not adequately monitor payout transactions or conduct risk profiling for entities using payout services. Furthermore, the bank exceeded the regulatory ceiling for end-of-day balances in some customer advance accounts availing payout services.

(India CSR – India CSR Largest CSR Media in India)


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India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

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