Page 7 - Key Fact Statement News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Last month, the RBI banned public sector Bank of Baroda (BoB) from onboarding any new customers onto its 'bob World' mobile application three months after a news network said the bank linked bank accounts to unregistered mobile numbers and signed them up to the application. Earlier in December 2020, the RBI had banned HDFC Bank the largest issuer of credit cards in the country, from issuing new cards and introducing digital products after multiple systemic glitches were reported in the preceding two years. The ban was lifted in August 2021.

Bajaj Finance informed stock exchanges that the supervisory restrictions will remain in place till the deficiencies observed are made good by the company to the satisfaction of RBI, in terms of issuance of Key Fact statements to the borrowers.

The Reserve Bank of India has issued orders to Bajaj Finance, asking the company to stop the disbursal and sanction of loans under two of its lending products with immediate effect. What are the orders and what could be the reason?

These supervisory restrictions will be reviewed upon the rectification of the said deficiencies to the satisfaction of the RBI, it said.

These guidelines aim to protect consumers from exorbitant fees and interest rates