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    Question

    The Reserve Bank of India (RBI) has prohibited

    _________┬а from lending under two products тАФ Insta EMI and eCOM┬а due to violations of certain provisions of the digital lending guidelines.┬а The Insta EMI card, a virtual card, enables customers to shop for 1 million products offered by the company at тАШno-cost EMIтАЩ. A pre-approved loan of ____ is also available with this card, featuring a repayment tenure of up to 60 months. Fill in the correct options for the information provided above-┬а
    A Bajaj Finance ; Rs. 2 lakh Correct Answer Incorrect Answer
    B Aditya Birla Capital; Rs.4 lakh Correct Answer Incorrect Answer
    C Muthoot Fincorp; Rs.7 lakh Correct Answer Incorrect Answer
    D Shriram Finance Ltd.; Rs.10 lakh Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has barred Bajaj Finance from lending under two products тАФ Insta EMI and eCOM┬а citing violations of certain provisions of the digital lending guidelines.┬а This includes the non-issuance of key fact statements (KFS) to borrowers for these two lending products and deficiencies in KFS issued for other digital loans sanctioned by the company.┬а The Insta EMI card, a virtual card, enables customers to shop for 1 million products offered by the company at тАШno-cost EMIтАЩ. A pre-approved loan of Rs 2 lakh is also available with this card, featuring a repayment tenure of up to 60 months.

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