The Reserve Bank of India (RBI) has lifted the ban imposed on Sachin Bansal-led non-banking financial company (NBFC) Navi Finserv Limited on Monday, December 2, according to the official release from the banking regulator.
“The Reserve Bank has decided to lift the afore-mentioned restrictions placed on Navi Finserv Limited, with immediate effect,” said RBI in a press release.
The Indian banking regulator also said that after multiple rounds of rectification with the NBFC, the RBI is now satisfied with the company’s submissions.
RBI, given the company’s adoption of the revamped processes, systems, its commitment to ensuring adherence to the regulatory guidelines, especially on ensuring fairness in loan pricing has lifted the restrictions placed on the non-banking lender.
Why did RBI restrict Navi’s lending business?
The Reserve Bank of India brought Navi Finserv and three other non-banking financial companies (NBFC) under its scrutiny citing reasons of material supervisory concerns related to loan pricing practices, on October 17, 2024.
The non-banking lender Navi Finserv Limited is a middle-layer category-level NBFC registered with RBI.
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