RBI rejects Bajaj Fin's plan for Philippines operations over FATF concerns

The Reserve Bank of India (RBI) has turned down an application from Bajaj Finserv to enter the Philippines market for lending activities. This is because the Philippines has been increasingly coming under the lens of the Financial Action Task Force, and has already been designated as an FATF grey list country.

According to sources familiar with the development, the Bajaj group had proposed to start lending operations in the Philippines, for which it had sought regulatory approval. However, the Philippines being a country under ‘increased monitoring’, the regulator was not in favour of the proposal.

The Financial Action Task Force