Bajaj Finance share price jumps over 7% after RBI lifts restrictions on its eCom and Insta EMI Card

Bajaj Finance share price jumped over 7% in early trade on Friday after the Reserve Bank of India (RBI) lifted restrictions on the company’s two products eCOM and online digital ‘Insta EMI Card’.

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The non-banking finance company Bajaj Finance said that it would now resume sanction and disbursal of loans in these two business segments including issuance of EMI cards.

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The banking regulatory RBI, on November 15, 2023, had ordered Bajaj Finance to stop sanction and disbursal of loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.

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The embargo on the two products had a significant impact on Bajaj Finance’s profitability, and its new loan book was lower by 0.8 mn in Q4 and by 1.2 mn in FY24.

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The early resolution of the restriction increases confidence on the FY25 outlook and raises hopes of approval by the RBI for renewal of Bajaj Finance co-branded credit card with RBL Bank in December 2024.

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