Upgrade your home with latest appliances without breaking a sweat with PNB Credit Card EMI offers. Apply for a PNB Credit Card here https://apply.pnbcard.in/ & visit https://lnkd.in/dvjRGbeP for more details on offers. #TeachersDay #CreditCard #Offers #ApplyNow #Banking #PNB
Punjab National Bank’s Post
More Relevant Posts
-
Breaking News: RBI Directs Bajaj Finance To Stop Sanction And Disbursal Of Loans Under ECOM And Insta EMI Card With Immediate Effect. . . . #viralnews #viral #news #trending #viralpost #india #breakingnews #maharashtra #explorepage #tv #viralphoto #trendingnews #maharashtranews #viralcypher
To view or add a comment, sign in
-
RBI Bans Bajaj Finance's eCOM and Insta EMI Card Loans The Reserve Bank of India (RBI) took a decisive step to safeguard borrowers' interests by prohibiting Bajaj Finance from issuing loans under its eCOM and Insta EMI card products. The move follows non-compliance with crucial digital lending guidelines. The RBI's investigation revealed lapses in providing Key Fact Statements (KFS) to borrowers, essential documents detailing loan specifics like interest rates, repayment terms, and fees. Deficiencies in KFSs for other digital loans were also noted. This ban underscores the significance of KFSs, empowering borrowers to make informed decisions. Its immediate effect aims to protect individuals from unfair lending practices, fostering transparency and informed choices. Bajaj Finance is committed to reviewing and complying with the RBI's directives. The company anticipates minimal impact on its operations while affirming adherence to regulatory standards. Key Points: - Immediate ban on new eCOM and Insta EMI card loans. - Continued servicing of existing loans under these products is permitted. - Upholding digital lending guidelines is crucial; non-compliance can lead to regulatory sanctions. This development serves as a potent reminder for all lenders to ensure strict adherence to digital lending norms. Upholding transparency and borrower welfare must remain paramount. #RBI #BajajFinance #DigitalLending #BorrowersFirst Your thoughts on this regulatory action? Share in the comments below!
To view or add a comment, sign in
-
On November 15, the Reserve Bank of India (RBI) asked Bajaj Finance to stop the sanction and disbursal of loans under its two lending products with immediate effect. These products are ‘eCOM’ and ‘Insta EMI Card.’ Our Partner, Mr. Rajiv Sharma shares his comments with moneycontrol.com in an article titled, "Explained: Key Fact Statement of a loan and why it is important." Read more at :- https://lnkd.in/gJupayy8 #knowledgesharing #lawfirm #legaladvice #legalupdates #bankingandfinance #banking #information #rbi
Explained: Key Fact Statement of a loan and why it is important
moneycontrol.com
To view or add a comment, sign in
-
𝗥𝗕𝗜 𝗥𝗲𝗶𝗻𝘀𝘁𝗮𝘁𝗲𝘀 𝗕𝗮𝗷𝗮𝗷 𝗙𝗶𝗻𝗮𝗻𝗰𝗲'𝘀 𝗟𝗼𝗮𝗻 𝗗𝗶𝘀𝗯𝘂𝗿𝘀𝗮𝗹 𝗥𝗶𝗴𝗵𝘁𝘀 The Reserve Bank of India has lifted its prior restrictions on Bajaj Finance, allowing it to resume sanctioning and disbursing loans under its eCOM and Insta EMI Card services. This decision comes after a suspension due to non-compliance with digital lending guidelines, particularly in issuing key fact statements to borrowers. The company has updated its processes to align with regulatory standards. #finance #news #RBI #BajajFinance #DigitalLending Source:- https://lnkd.in/dEpYmpXJ
RBI lifts restrictions on Bajaj Finance
financialexpress.com
To view or add a comment, sign in
-
With the RBI signalling lenders to slow down growth by increasing risk weight by 25% on consumer credit, shares of Paytm, Bajaj Finance and SBI Cards were among the worst in the market today and fell up to 7%.The impact of RBI's tightening was felt across stocks of most banks and non-banking financial companies (NBFCs). Shares of SBI Card fell up to 7% to Rs 720.40, # # # # # # # # # #
Paytm, Bajaj Finance, SBI Card among worst hit by RBI tightening; shares drop up to 7%, ET BFSI
https://overviewforex.com
To view or add a comment, sign in
-
Thinking about buying a car? Did you know you can get 0.25% off stated auto loan rates with an Elite Checking Account from City National Bank? You can open an account online or stop by your local CNB branch. Find out more at cnb1901.com/checking-elite #cnb1901 #financing #bank #autoloan #newcar #banking #onlineaccount
To view or add a comment, sign in
-
CA | CFA L2 cleared | Equity Research Analyst | Valuation | Financial Modelling | Writes about investing, finance and taxation
🏦 RBI recently took steps to slow down retail lending by the banks. But have you ever wondered why banks love retail lending so much? Every bank is trying to grow its retail lending book aggressively. Retail lending generally includes home loans, personal loans, credit card loans, etc. In this post, let's look at the reasons why banks love retail lending more compared to wholesale lending. Follow Nikhil Singh for more such interesting content and insights. #investing #finance #linkedin
To view or add a comment, sign in
-
HDFC Q4 Business Update >Increase in Deposits by 7.5% over previous quarter. >Deposits grew by 26.4% on YoY basis. >Banks posted a 55.4% YoY in Gross advances >Loan growth grew due to retail advances (up by 3.7%) along with commercial and rural banking (up by 4.2%) over Q3. #Banking #Finance #Money #HDFC
To view or add a comment, sign in
-
₹35,000 Crore and counting India's banking system often leaves back customers fretting and fuming. Now one more such instance has come to light. In reply to a question in the Rajya Sabha, MoS Finace, Dr Bhagwat Karad noted the banking system had collected around ₹35,000 crore from customers as charges for failing to maintain the minimum stipulated balance , charges for SMS, excessive use of ARMS (more than the stipulated number). This is for the period from fiscal 2018 onwards. MINIMUM BALANCE A closer look reveals that the maximum penalty collected was ₹21,044 crore was from those customers who failed to maintain the stipulated minimum balance in their savings bank (SB)accounts. Typically banks ask customers to maintain around say ₹500 to ₹1,000 in case of rural areas with balances ranging between ₹2,000 to ₹10,000 in case of semi-urban or metro branches. One way to avoid this would be close their SB accounts when not in use. This is particularly true of the salary accounts wherein banks permit zero balance subject to of course salary getting credited. The charges for non maintenance of the minimum balance is supposed to be 'reasonable' as far as the RBI is concerned though this is quite debatable. ATM USAGE FEE Similarly banks have collected nearly ₹8,300 crore from customers who have used ATM services far higher than the maximum stipulated free transactions (both financial and non-financial). Remember it was only from January 2022 that the RBI issued a cap of ₹21 in case of ATM usage. #personal finance #LinkedIn #Bankcharges #Minimumbalance
To view or add a comment, sign in
-
RBI's Bold Move Has Caused Bajaj Finance to Stop eCOM and Insta EMI Card Loans https://lnkd.in/gGn6Gu4y #RBIBoldMove #BajajFinance #EMICardLoans #RBIRegulation #FinancialNews #CreditMarket #LoanPolicy #DigitalPayments #InstaEMI #EconomicImpact
To view or add a comment, sign in
156,841 followers
Bajaj Allianz Life | Ex HDFC Ergo | Ex ICICI Lombard | SIMS | SIU
1wI have highlighted issue to the concerned teams too many times. The issue persists for the past 2 years. I am trying to get my money back but no response. Request you to please assist. Please text me on linkedin. I will share my details. Connect with me and resolve this.