Bajaj Finance share price fell nearly 4% on Thursday after the Reserve Bank of India (RBI) barred the non-banking finance company (NBFC) from giving loans under two of its products. Shares of Bajaj Finance fell 3.97% to ₹6,937.15 on BSE.
The central bank has directed the company to stop sanctioning and disbursement of loans under its two loan products, ‘Ecom’ and ‘Insta EMI Card’, with immediate effect, particularly in relation to the non-issuance of Key Fact Statement (KFS). Deficiencies in the key fact statements issued in respect of borrowers under these two loan products and other digital loans sanctioned by the company, Bajaj Finance said in a regulatory filing.
Further, these supervisory restrictions will remain in force until the deficiencies observed by the company in the context of issuing key fact statements to the borrowers are rectified to the satisfaction of RBI.