RBI Lifts Restrictions On Sachin Bansal’s Navi Finserv; Check Details – haroonabadvital.com
Latest update:
The Reserve Bank of India lifts the restrictions after fulfilling the company’s requests and the company’s commitment to ensure compliance with regulatory guidelines.
The Reserve Bank of India had imposed the restrictions on October 17.The Reserve Bank on Monday lifted restrictions on sanctions and loan disbursement by Sachin Bansal’s Navi Finserv with immediate effect. On October 17 this year, the Reserve Bank of India directed Navi Finserv Limited, Bengaluru (and three other NBFCs) to cease and desist from imposing sanctions and disbursing loans, with effect from the close of business on October 21, 2024.
The restrictions were based on fundamental supervisory concerns observed in the pricing policy of these companies in relation to the Weighted Average Lending Rate (WALR) and interest spreads charged on their cost of funds, which were found to be excessive and not adhered to. Next, the Reserve Bank of India (RBI) said on Monday that it Conducted several rounds of interaction with Navi Finserv to correct the deficiencies.
“Now, having been satisfied based on the Company’s requests, and in view of the adoption of revamped processes and systems, and the Company’s commitment to ensuring compliance with regulatory guidelines on an ongoing basis, in particular to ensure fairness in loan pricing, the Reserve Bank has decided to lift the above restrictions imposed on Navi Finserv. Limited with immediate effect.”
The three other non-banking financial companies that were subject to restrictions in October are: New Delhi-based DMI Finance Private Limited, Kolkata-based Arohan Financial Services Limited, and Chennai-based Asirvad Micro Finance Limited.
(This story has not been edited by News18 staff and is published through a syndicated news agency feed – PTI)
