<ul><li>The RBI has sent a 'letter of displeasure' to Bajaj Finance regarding its co-branded cards business.</li><li>The RBI highlighted Bajaj Finance's lack of proactive identification of gaps and vulnerabilities in the business, posing a significant risk to customers.</li><li>Bajaj Finance's claim of a limited role in customer solicitation was contested by the RBI, emphasizing the NBFC's responsibility to partner banks and customers.</li><li>The RBI instructed Bajaj Finance to obtain explicit approvals for future co-branding arrangements, implement monitoring and independent audits for data security and IT/IS/Cyber Security controls.</li></ul>

Bajaj Finance gets ‘letter of displeasure’ from RBI on co-branded cards business

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