Bajaj Finance Ltd.

Reserve Bank of India (RBI) has imposed a penalty of Rs 2.5 crore on Bajaj Finance, Pune for violation of various directions, including on recovery and collection practices. There was also violation of a specific direction to the company to ensure full compliance with Fair Practices Code (FPC) in letter and spirit. This penalty has been imposed taking into account the failure of the company to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts and thereby failing to adhere to the aforesaid directions issued by RBI.

Bajaj Finance, the lending company of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 40 million customers across the country.