RBI bans 2 Bajaj Finance e-lending products

The Reserve Bank of India (RBI) has ordered Bajaj Finance to stop issuing loans through its 'eCOM' and 'Insta EMI Card' due to non-compliance with the digital lending guidelines. This action comes as a result of concerns over the disclosure of fees, charges, and recovery practices. Bajaj Finance has stated that it is already issuing key fact statements (KFS) for loans under these products and will review and make necessary corrections. This is the latest instance of the RBI taking action against lenders for non-compliance.

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