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'These supervisory restrictions will be reviewed after the rectification of the said deficiencies to the satisfaction of the RBI'

RBI directs Bajaj Finance to halt loans for eCOM and Insta EMI card 

<h2>'These supervisory restrictions will be reviewed after the rectification of the said deficiencies to the satisfaction of the RBI'</h2>

The Reserve Bank directed Bajaj Finance to halt the sanction and disbursal of loans under its eCOM and Insta EMI Card products immediately. This move comes as a result of the company's non-compliance with the Digital Lending Guidelines, specifically the non-issuance of Key Fact Statements and deficiencies in those issued for other digital loans. The supervisory restrictions will be lifted after the company rectifies these issues to the satisfaction of the RBI.
 Also read/watch - <a title="Sensex, Nifty jump over 1% as US inflation data softens&nbsp;" href="https://www.editorji.com/business-news/markets/sensex-nifty-jump-over-1-as-us-inflation-data-softens-1700048944397">Sensex, Nifty jump over 1% as US inflation data softens&nbsp;</a> The central bank had released norms on August 10, 2022, to regulate digital lending and curb fraud and unlawful activities. These regulations were proposed by a working group set up by the RBI in January 2021 to study digital lending issues. The norms address the proliferation of instant loan providers, especially after the COVID-19 pandemic, which have sometimes exploited consumers and employed aggressive recovery practices.&nbsp;

Bajaj Finance aims to raise $1 billion through QIP or preferential issue, enlisting JM Financial, Citi, Morgan Stanley, and BofA Securities

Bajaj Finance prepares for $1B fundraise amid growth surge

<h2>Bajaj Finance aims to raise $1 billion through QIP or preferential issue, enlisting JM Financial, Citi, Morgan Stanley, and BofA Securities</h2>

As per a Money Control report, Pune-based financial giant Bajaj Finance is gearing up for a massive fundraising effort, targeting a whopping $800 million to $1 billion through a Qualified Institutions Placement (QIP) or preferential issue.
The company has engaged the services of four prominent investment banks, signalling its intention to bolster its financial position and embark on a new phase of growth.
The selected quartet of investment banks includes JM Financial, Citi, Morgan Stanley, and BofA Securities. Money Control reported that this ambitious fundraising plan was set into motion over the weekend and is part of Bajaj Finance's strategy to engage in large-scale transactions periodically.
Sources close to the matter disclosed that a final decision regarding the exact amount to be raised and the preferred fundraising method will be reached during the upcoming board meeting scheduled for October 5. The funds generated from this endeavour are expected to serve as growth capital and further fortify the company's balance sheet.
Bajaj Finance has seen its stock surge by 21% in the past six months, indicating investor confidence in the company's prospects. In a disclosure to the stock exchanges on September 22, the company outlined its plans for the board meeting, which include considering proposals for fund mobilization through methods such as preferential issue and qualified institutions placement, subject to necessary regulatory and statutory approvals.
Despite maintaining a robust capital adequacy ratio (CAR) of 23%, market analysts believe that this capital infusion may be a strategic move to support the company's strong growth in assets under management (AUM), which surged by 32% in the first quarter.
Bajaj Finance is eyeing expansion opportunities in various product lines, including microfinance, as well as new segments like automobile and tractor financing and gold loans. These strategic moves are aimed at fueling the company's growth trajectory, as highlighted in a recent report by Nomura, a leading brokerage firm.
However, Bajaj Finance faces heightened competition from players like Jio Financial Services and private banks such as HDFC Bank and ICICI Bank in the unsecured lending sector, a crucial aspect of its business model. Despite these challenges, the company remains optimistic, with a significant liquidity buffer of ₹12,704 crore as of June 30 and plans to add 12-13 million new customers in the fiscal year 2024. Also Watch: <a href="https://www.editorji.com/business-news/indian-bonds-jp-morgan-will-add-government-bonds-to-its-emerging-market-index-1695362124719">Indian Bonds: JP Morgan will add government bonds to its emerging-market index</a>

Sanjiv Bajaj, CMD, Bajaj Finserv, emphasized the company's commitment to protecting customer privacy. With the new feature, clients will have the choice to avoid unwanted telemarketing calls by simply opting out 

Bajaj Finance to bring down telemarketing calls, to offer opt-out option 

Sanjiv Bajaj, CMD, Bajaj Finserv, emphasized the company's commitment to protecting customer privacy. With the new feature, clients will have the choice to avoid unwanted telemarketing calls by simply opting out&nbsp;

Bajaj Finserv, which is knows for its aggressive marketing through pesky mobile calls has announced the introduction of an opt-out option for telemarketing calls.
Sanjiv Bajaj, CMD, Bajaj Finserv, emphasized the company's commitment to protecting customer privacy. With the new feature, clients will have the choice to avoid unwanted telemarketing calls by simply opting out.&nbsp;
&ldquo;Our aim would ideally be to bring this business down to 10 percent, and then to zero percent&hellip;so that our calls will only be service calls,&rdquo; said Bajaj, during a press conference at the launch of Bajaj Finserv Asset Management Company in Mumbai.
According to reports, currently, around 15% of Bajaj Finance&rsquo;s loan book has been built of loans that are solicited (or pushed) to customers. The company&rsquo;s aggressive marketing push to build its loan book has made it the subject of social memes. To be sure, telemarketing calls to sell loans is widely practiced in India&rsquo;s financial services industry. Bajaj Finserv enters mutual fund business 
Meanwhile, diversified financial services group Bajaj Finserv is entering the highly competitive mutual funds business and has plans to make it big over the next few years, drawing in on the 'late mover advantage'.
To begin with, the company is launching three schemes in the fixed income, liquid and money market products by the end of the month, and will have four more soon, depending on the regulatory approvals, group chairman and managing director Sanjiv Bajaj told reporters here on Tuesday, announcing its entry into the mutual funds' segment.
The group's ninth entity Bajaj Finserv Mutual Fund will compete with 40 others in the sector, which together manage as much as Rs 40 lakh crore of public money.
The group, with its existing eight subsidiaries, offers a suite of financial products to close to 70 million customers, and it wants to tap into the same customers for the new business, Bajaj said.

Markets give up gaining streak: Sensex tanks over 1000 points

After a ten-day gaining streak , a selloff in IT and financial stocks pulled the markets lower on Thursday. Sensex &amp; Nifty erased nearly 40% of gains seen in previous ten sessions. The Sensex closed 1,066.33 points or 2.61 per cent lower at 39,728.41, while the Nifty settled at 11,680.35 for the day, down 2.43 per cent from its previous close. Record number of new COVID-19 infections in parts of Europe spooked investors across the globe. 47 Nifty stocks closed in the red with Bajaj Finance, Tech Mahindra, ICICI Bank being the top losers.

Market lose 10 day winning streak
Sensex &amp; Nifty erase nearly 40% of gains
Sensex tanks over 1000 points, closes at 39,728.41
Nifty down 2.43 per cent,&nbsp;47 stocks closed in red
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After a ten-day gaining streak , a selloff in IT and financial stocks pulled the markets lower on Thursday. Sensex &amp; Nifty erased nearly 40% of gains seen in previous ten sessions. The Sensex closed 1,066.33 points or 2.61 per cent lower at 39,728.41, while the Nifty settled at 11,680.35 for the day, down 2.43 per cent from its previous close. Record number of new COVID-19 infections in parts of Europe spooked investors across the globe. 47 Nifty stocks closed in the red with Bajaj Finance, Tech Mahindra, ICICI Bank being the top losers.

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