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.
The Reserve Bank of India (RBI) has ordered NBFC Bajaj Finance to cease lending under its eCOM and Insta EMI Card products due to non-adherence to RBI s lending norms, including non-issuance of Key Fact Statements and deficiencies in other digital loans.