Sachin Bansal, Flipkart and Navi Finserv
Big blow to Flipkart founder Sachin Bansal as his Navi app banned from disbursing loan due to….
Navi Finserv, the digital lending platform of Flipkart founder Sachin Bansal, along with three other financial service providers -- Asirvad Micro Finance, Arohan Financial Services, and DMI Finance-- have been banned by the RBI from disbursing loans due to exorbitant lending rates.
Sachin Bansal's Troubles Mount as RBI Bars Navi Finserv from Issuing New Loans
Earlier this month, in RBI monetary policy committee meeting, governor Shaktikanta Das issued a strong warning to non-banking lenders, especially microfinance institutions and housing finance companies, for aggressively chasing “growth at any cost” that could threaten the economy’s financial stability.
RBI bans Flipkart founder Sachin Bansal’s Navi from disbursing loans, here’s what the bank’s statement reads
The Reserve Bank of India has banned four NBFCs from issuing new loans starting October 21, 2024, citing excessive lending rates and non-compliance wi
Why Flipkart Founder Sachin Bansal's Navi App Cannot Disburse Loans From October 21? Find Out!
The reason behind the ban is due to concern related to the pricing policy of these companies in terms of their lending rates, which are found to be excessive.
'Cease and desist...' - RBI's action against 4 NBFCs including Flipkart’s Sachin Bansal-led entity; reason?
Reserve Bank of India on Thursday issued directions to Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited and Bansal-led Navi Finserv Limited. The RBI has asked the non-banking finance companies to “cease and desist from sanction and disbursal of loans” with effect from next week.
India’s central bank orders Sachin Bansal’s Navi to halt loans
India’s central bank ordered four non-bank lenders, including Navi Finserv and DMI Finance, to halt loans from October 21, citing excessive interest rates and regulatory breaches.
RBI stops 4 NBFCs, including Sachin Bansal’s Navi, from disbursing loans
The non-banks lenders include former Flipkart founder Sachin Bansal-led Navi Finserv, DMI Finance, Asirvad Micro Finance and Arohan Financial Services. The banking regulator says this action is based on material supervisory concerns observed in the Pricing Policy of these companies in terms of their Weighted Average Lending Rate (WALR) and the Interest Spread charged over their cost of funds,
RBI Bans Flipkart Founder Sachin Bansal’s Navi Finserv From Disbursing Loans
Former Flipkart CEO Sachin Bansal has had a difficult relationship with the country's regulators, failing to get a banking license for his new venture, but his NBFC has now been dealt with another blow.
RBI bars Sachin Bansal's Navi Finserv, 3 other NBFCs
RBI orders four NBFCs, including Asirvad Micro Finance, Arohan Financial Services, DMI Finance, and Navi Finserv, to cease loan disbursals due to regulatory violations related to excessive pricing and improper borrower assessment.
RBI bars Sachin Bansal’s Navi Finserv, 3 others from sanction of loans
Besides Navi Finserv, others who have been barred by the RBI include Asirvad Micro Finance, Arohan Financial Services and DMI Finance Private.
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Reserve Bank of India bars four non-banking finance companies, including two microfinance institutions, in a disciplinary ...