Navi Finserv Limited remains committed to upholding the highest standards of compliance, customer service, and transparency in all its business operations. The company is currently reviewing the directions received from the Hon’ble Reserve Bank of India and will work closely with them to address all concerns with promptness and completeness.
This statement follows the recent regulatory action by the Reserve Bank of India (RBI), which has directed Navi Finserv, a non-banking financial company (NBFC) owned by Sachin Bansal, to halt all loan disbursals, effective October 21, 2024. The RBI’s order cites non-compliance with various guidelines, including issues related to excessive interest rates and lending practices, such as the Weighted Average Lending Rate (WALR) and disclosure norms.
Navi Finserv, a subsidiary of Navi Technologies, will continue to service its existing loans and manage recovery processes, but no new loans will be disbursed until the restrictions are lifted.
