Shares of Bajaj Finance fell nearly 1% to ₹8,595 in Wednesday’s trade after being off their early highs, following a CNBC-TV18 report that the Reserve Bank of India (RBI) has sent a letter of displeasure to the company regarding its co-branded credit card operations.
According to the report, RBI’s communication referenced its earlier letter dated January 31 and Bajaj Finance’s subsequent response on February 22. The central bank expressed concern that the company failed to proactively identify operational gaps and vulnerabilities, potentially posing significant risks to customers.
The letter reportedly criticized Bajaj Finance for a reactive approach and lack of adequate internal controls. It also contested the company’s assertion that its role was limited to customer solicitation, instead stating that Bajaj Finance has an integral part in the co-branding arrangement and access to sensitive customer data. Furthermore, the RBI stressed that the company cannot absolve itself of responsibilities toward partner banks and customers.
As of 10:37 AM, the stock was trading at ₹8,595, down 0.86% from the previous close of ₹8,669.25. Bajaj Finance commands a market capitalization of ₹5.37 lakh crore.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
