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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. The Reserve Bank of India said (PDF) the firms violated rules on pricing, income assessment, and asset classification. This action follows months of warnings about responsible lending practices, it […] © 2024 TechCrunch. All rights reserved. For personal use only.

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India's central bank orders Sachin Bansal's Navi to halt loans

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INDIA’S central bank barred four non-bank finance companies (NBFCs) from sanctioning and disbursing loans due to “usurious” pricing and for charging a significant mark-up over their funding costs, it said in a release on Thursday (Oct 17).

Business Times

India central bank bars four non-banks from fresh lending for breaching norms

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 th…

Latest For Me

RBI bans Flipkart founder Sachin Bansal’s Navi, here’s what the bank’s statement reads

The Reserve Bank of India (RBI) has directed Sachin Bansal’s Navi Finserv and three other non-banking financial companies (NBFCs) to immediately stop sanctioning and disbursing loans due to supervisory concerns.  Citing material supervisory concerns, the RBI said that its order on Navi Finserv, DMI Finance, Arohan Financial Services and Asirvad Micro Finance would come into effect from the close of business on October 21. The RBI’s action is in …

Inc42 Media

RBI Bars 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... The post RBI Bans Flipkart Founder Sachin Bansal’s Navi Finserv From Disbursing Loans appeared first on OfficeChai.

India's central bank orders Sachin Bansal's Navi to halt loans

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