RBI bans Flipkart founder Sachin Bansal’s Navi, here’s what the bank’s statement reads – Times of India
The Reserve Bank of India (RBI) has banned four non-banking financial companies (NBFCs) to cease and desist from sanction and disbursal of loans, effective October 21, 2024. The NBFCs include Asirvad Micro Finance, Arohan Financial Services, DMI Finance Private and Flipkart founder Sachin Bansal’s Navi Finserv.In a statement, the central bank said that the “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, which are found to be excessive and not in adherence with the regulations”.In its statement, the bank clarified that these business restrictions do not prevent the companies from servicing their existing customers or conducting ...