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RBI REVOKES UAE EXCHANGE CENTRE AUTHORIZATION
Dated 26.10.2024 : The Reserve Bank of India has revoked the Certificate of Authorisation (CoA) to act as Payment System Operator (PSO): issued to
UAE Exchange Centre LLC, Dubai, U A E . Reason for revocation is non-compliance of the regulatory requirements of RBI. RBI had issued the permission to the exchange centre in September 2009.
Hence UAE Exchange Centre will not be able to do India bound money transfers as an overseas principal for the customer to customer payments .
RBI LIFTS RESTRICTIONS ON OPERATIONS OF BAJAJ FINANCE LIMITED
Dated 03.05.2024 : In the month of November 2023 , Reserve Bank of India ( RBI ) had put restrictions on certain operations Bajaj Finance limited under section 45L(1)(b) of Banking Regulations Act . RBI had directed the company to stop sanction and disbursal of loans under the two lending products ‘eCOM’ and ‘Insta EMI Card’ .
It's now reported that The RBI has allowed he Bajaj Finance to resume sanctioning and disbursal of new loans under its two lending products – eCOM and Insta EMI Card. The development has come after the company indicated its compliance and formally sought a review from the RBI.
It's expected that the company will restart its on-line disbursal of loan products shortly .
RBI RESTRICTS OPERATIONS OF BAJAJ FINANCE LIMITED
Dated 16.11.2023 : Reserve Bank of India ( RBI ) has put restrictions on certain operations Bajaj Finance limited under section 45L(1)(b) of Banking Regulations Act . RBI has directed the company to stop sanction and disbursal of loans under the two lending products ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.
RBI says " This action is necessitated due to non-adherence of the company to the extant provisions of Digital lending guidelines of Reserve Bank of India, particularly non-issuance of Key Fact Statements to the borrowers under these two lending products and the deficiencies in the Key Fact Statements issued in respect of other digital loans sanctioned by the company. These supervisory restrictions will be reviewed upon the rectification of the said deficiencies to the satisfaction of RBI. "