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Sachin Bansal Resigns: The Reserve Bank of India (RBI) had imposed a sanction on Navi Finserv last year in October after it found non-compliance with the regulations.
Navi Finserv CEO Sachin Bansal Resigns From Post.
Sachin Bansal Resigns as Navi CEO: Sachin Bansal has resigned as the Chief Executive Officer (CEO) of both Navi Finserv Limited (NFL) and Navi Technologies Limited (NTL). He will oversee the Navi Group as the Executive Chairman hereafter.
As part of business restructuring, he will be replaced by Rajiv Naresh and Abhishek Dwivedi as the CEOs of Navi Technologies Limited and Navi Finserv Limited, respectively.
Naresh and Dwivedi have been associated with the organization since its establishment in 2018. They both held various positions in the Navi group in the past six years.
While resigning as the CEO post Sachin Bansal in the statement said: “This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth. Both Rajiv and Abhishek have played key roles in our growth and I am confident that we will continue on this upward trajectory as they assume their new roles.”
Sachin Bansal launched Navi Finserv in 2018. Earlier, he founded e-commerce website Flipkart, which was acquired by Walmart in 2018.
RBI’s Supervisory Restriction On Navi Finserv
The Reserve Bank of India (RBI) had imposed a sanction on Navi Finserv last year in October after it found non-compliance with the regulations. RBI banned Sachin Bansal-led NBFC to disburse loans, effective from October 21, 2024.
RBI, however, lifted the supervisory restriction on Navi Finserv after 40 days on December 02, 2024. RBI said in the statement that it was satisfied with the company’s submission and adoption of revamped processes, and systems, along with its commitment to adhere to the Regulatory Guidelines on an ongoing basis.
“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,” said RBI in the statement.
