The Reserve Bank of India (RBI) has prohibited

Solution

The Reserve Bank of India (RBI) has barred Bajaj Finance from lending under two products — Insta EMI and eCOM  citing violations of certain provisions of the digital lending guidelines.  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.  The Insta EMI card, a virtual card, enables customers to shop for 1 million products offered by the company at ‘no-cost EMI’. A pre-approved loan of Rs 2 lakh is also available with this card, featuring a repayment tenure of up to 60 months.