After RBI's decision, Bajaj Finance's stock was affected, the company's stock fell by so much percent
Yesterday the Reserve Bank of India had given orders to Bajaj Finance. The effect of this order has been seen in the company's shares today. The company's shares are trading down more than 4 percent in early trade on Thursday. Let us tell you that RBI has directed us not to approve and disburse loans under ‘eCOM’ and ‘Insta EMI Card’.
The Reserve Bank of India (RBI) on Wednesday directed Bajaj Finance to stop sanctioning and disbursing loans under 'eCOM' and 'Insta EMI Card'. After this instruction, today the shares of the company are trading with a decline. Bajaj Finance stocks have fallen more than 4 percent in today's trading session.
The stock fell 3.97 percent to the day's low of Rs 6,937.15 on BSE. It fell 4 percent to Rs 6,931.25 on NSE. But, the stock later recovered its initial losses in line with the gains in the stock market and was trading higher with slight gains.
At the time of writing the news, shares of Bajaj Finance have risen 73.85 points to Rs 7,298.15 per share.
The Reserve Bank on Wednesday directed Bajaj Finance to stop sanctioning and disbursing loans under ‘eCOM’ and ‘Insta EMI Card’. This is because the company is not following the existing provisions of digital loan guidelines.
The Reserve Bank of India said in a press release, "Non-adherence to the extant provisions of digital loan guidelines by the company, particularly non-disclosure of key fact statements to borrowers under 'eCOM' and 'Insta EMI Card' and deficiencies in key "This action has become necessary due to the fact that fact statements have been issued in respect of other digital loans sanctioned by the Company."
The central bank said that these restrictions will be reviewed after the above deficiencies are addressed to the satisfaction of the RBI.