Bajaj Finance Share Rally Gains Over 6 Pc, As RBI Lifts Restrictions-Check Details (image source: Bajaj Finance.com)
Bajaj Finance Share Price: Bajaj Finance shares rallied on Friday the NDFC stock has gained over 6 per cent and reached 7,400 apiece on BSE, as the RBI has lifted restrictions on the NDFC.
The Reserve Bank of India (RBI) has lifted the restrictions on Bajaj Finance regarding the sanctioning and disbursal of loans through eCOM and Insta EMI Card, as stated by the company in a regulatory announcement on Thursday. In November 2023, the central bank had instructed Bajaj Finance to cease the sanctioning and disbursal of loans under its two lending products — eCOM and Insta EMI Card — citing non-compliance with the existing provisions of digital lending guidelines.
“Now, we wish to inform that the RBI, vide its letter dated 2 May 2024, based on the remedial actions taken by the company, has conveyed its decision of lifting the said restrictions on eCOM and online digital ‘Insta EMI Card’, with immediate effect,” the company said in a filing to the stock exchanges.
The company further said it would now resume sanction and disbursal of loans in the two business segments including issuance of EMI cards.
“The company remains committed to ensure adherence and compliance of regulatory guidelines,” it added.
While imposing the restrictions on November 15, 2023, the RBI said the action was necessitated due to non-adherence of the company to the extant provisions of digital lending guidelines of the RBI, particularly non-issuance of key fact statements to the borrowers under the two lending products.
