Bajaj Finance: Bajaj Finance shares fall
Bajaj Finance:
If you are a customer of Bajaj Finance then this news is important for you. The Central Reserve Bank has banned Bajaj Finance’s eCOM and Insta EMI cards from sanctioning and disbursing loans. According to a statement issued by the Reserve Bank, under Section 45L (1) (B) of the Reserve Bank of India Act, 1934, the loan sanction to Bajaj Finance Ltd. And instructions have been given to stop distribution. So customers will no longer get loans from eCOM and Insta EMI cards.
The RBI order will apply to two loan products of Bajaj Finance namely ‘Ecom’ and ‘Insta EMI Card’. According to the RBI, the company did not comply with the provisions of the Digital Lending Guidelines.
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Recently RBI has issued comprehensive guidelines related to IT governance and control for banks and NBFCs. IT governance includes risk management along with other management. In this regard, Reserve Bank of India has issued guidelines, 2023. The new guidelines will come into effect from April 1, 2024.
Bajaj Finance shares fall This order of the RBI came after the stock market closed, but today’s trading session saw a big fall in the shares of Bajaj Finance. Bajaj Finance shares fell 3.93 percent to Rs 6940 today.
Bajaj Finance is the leading NBFC company in the country. The company’s profit has increased by 28 percent to Rs 3,551 crore compared to last year. The company’s net interest income rose 26 percent to Rs 8,845 crore. The company’s share is currently at the level of 6,940. The company’s shares fell two percent on Wednesday.
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