Bajaj Finance Share Price: Banking regulator Reserve Bank of India has shown strictness on India’s NBFC business giant Bajaj Finance. Taking action, RBI has banned two loan products of Bajaj Finance. The Reserve Bank of India has ordered Bajaj Finance to stop the approval and distribution of loans under Ecom and Insta EMI cards with immediate effect. India’s central bank Reserve Bank of India has issued a statement in this regard.
According to the Reserve Bank of India, Bajaj Finance has been accused of not complying with the existing provisions of the Digital Lending Guidelines of the Reserve Bank of India. The Reserve Bank of India has said that this necessary action has been taken due to Bajaj Finance not issuing key fact statements to customers under these two loan products and deficiencies in the key fact statements issued in respect of other digital loans approved by the company.
RBI has said that important factual details are not being issued to the people taking loans under these two loan products of Bajaj Finance. Along with this, there is lack of main fact details in approving the second digital loan due to which this action had to be taken against Bajaj Finance.
The Central Reserve Bank has said that if Bajaj Finance satisfies the RBI by removing these shortcomings, then these restrictions can be reviewed.
The effect of this action of Reserve Bank of India has also been seen on the shares of Bajaj Finance. After this order of the Reserve Bank, there was a decline in the shares of Bajaj Finance on Wednesday and it fell by about two percent and closed at the level of Rs 7224.
Stock market experts say that this action of RBI on two loan products of Bajaj Finance may reduce the income of Bajaj Finance. Many stock market experts have said that its impact on the business and profits of Bajaj Finance can be seen in the short term.
Many experts have said that this matter may be resolved in the next one or two quarters. Stock market experts say that due to this restriction by RBI, the net profit of Bajaj Finance may fall by 6 percent.