Navi Finserv Limited: RBI lifts restrictions on Sachin Bansal’s Navi Finserv

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The Reserve Bank of India (RBI) on Monday said it is removing the restrictions on Sachin Bansal founded fintech startup Navi Finserv following several rounds of interactions with the company for rectification of deficiencies.

“RBI had several rounds of interaction with the company for rectification of deficiencies. Now, having satisfied itself based on company’s submissions, and in view of adoption of revamped processes, systems, and the company’s commitment to ensure adherence to the Regulatory Guidelines on an ongoing basis, especially for ensuring fairness in the loan pricing, the Reserve Bank has decided to lift the afore-mentioned restrictions placed on Navi Finserv Limited, with immediate effect,” RBI said.

The restrictions were imposed on October 17, when the central bank directed Navi Finserv and three other non-banking financial companies (NBFCs) to cease loan sanctioning and disbursement operations from the close of business on October 21.

The directive was issued due to material supervisory concerns, including the issue of excessive pricing on loans.

In addition to Navi Finserv, similar restrictions were placed on three other NBFCs: New Delhi-based DMI Finance, Kolkata-based Arohan Financial Services, and Chennai-based Asirvad Micro Finance.

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