Bajaj Finance share price drops 2%; check the latest buzz

The news report further said that the RBI communication points to a reactive approach and a failure to maintain adequate internal controls. The letter also contests Bajaj Finance's claim that its role was limited to customer solicitation.

"The RBI has also argued that Bajaj Finance cannot absolve itself of its responsibility to its partner banks and customers and that it has an internal role in co-branding arrangements and access to sensitive customer data," it added.

Shares of Bajaj Finance have rallied over 16% in the past 12 months and over 22% YTD. In the past six months, the stock has gained over 14%.

Last month, the leading NBFC announced Anup Kumar Saha as its managing director, replacing Rajeev Jain.

The company added that Jain will be re-designated as its vice chairman for three years, effective April 1. Saha, who currently serves as the deputy managing director, will also take on his new role starting April 1 until the end of his tenure on March 31, 2028.

Saha joined Bajaj Finance in 2017. He has served 25 years in the financial services industry, of which 14 years were with ICICI Bank and 11 years with non-bank entities.

Jain had said in January that he intended to remain with Bajaj Finance and be actively involved in shaping its strategy.