The Reserve Bank of India (RBI) has barred Bajaj Finance, the country's largest consumer financier, from sanctioning and advancing loans under two of its lending products - 'eCOM' and 'Insta EMI Card' - immediately due to what the regulator described as 'non-adherence' with existing digital-loan guidelines.

• The RBI ban on India's largest NBFC by assets is the latest by the central bank in a string of measures that seek to curtail malpractices in lending .
• It was not immediately known how much the two banned products contribute to Bajaj Finance's sales portfolio. 
• In a statement following the central bank action, Bajaj Finance said it will review the Key Fact Statement ('KFS') for the loans booked under the two lending products, based on the concerns raised by the RBI and implement requisite corrective actions.