Bajaj Finance Shares: On Thursday, Bajaj Finance witnessed a 3.97% decline in its share price to ₹6,937.15 on the BSE, following the Reserve Bank of India’s (RBI) directive. The central bank barred the non-banking finance company (NBFC) from extending loans under its ‘eCOM’ and ‘Insta EMI Card’ products.
The regulatory move comes in response to concerns about the non-issuance of Key Fact Statements (KFS) to borrowers and deficiencies in KFS for other digital loans, as disclosed by Bajaj Finance in a regulatory filing.
The RBI has mandated an immediate halt to the sanction and disbursal of loans under the specified lending products until Bajaj Finance rectifies the identified deficiencies to the satisfaction of the central bank. The supervisory restrictions will persist until the company addresses the issues related to KFS issuance for borrowers.
Bajaj Finance acknowledged that it had been issuing KFS for loans booked under the mentioned products but will conduct a comprehensive review and implement corrective measures in response to RBI’s concerns.