Bajaj Finance has received approval from the Reserve Bank of India (RBI) to resume sanctioning and disbursing new loans under its lending products, eCOM and Insta EMI Card. The apex bank had slapped restrictions on the company last year for "non-adherence" with the digital lending guidelines.
"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," Bajaj Finance stated in a regulatory filing.
On Thursday, the shares of the NBFC (Non-Banking Finance Company) ended the day at Rs. 6,882 on the National Stock Exchange.
After the apex bank lifted its restrictions, the shares of the company were trading at Rs. 7,295 price level, up by nearly 6 per cent on
Friday.
"The Company would now resume sanction and disbursal of loans in the above two business segments including issuance of EMI cards. The Company remains committed to ensure adherence and compliance of regulatory guidelines," the exchange filing read.
In the quarter ending March, Bajaj Finance reported a consolidated net profit of Rs 3,825 crore, a 21 per cent increase compared to the same period last year. The company's assets under management (AUM) saw robust growth, surging by 34 per cent year-on-year to reach Rs 3.30 trillion.
On an annual basis, the shares of the company have given a return of 18 per cent on the NSE.
