Sachin Bansal, one of the founders of the early unicorns of India, Flipkart, has decided to step down from the position of the CEO of Navi Group. Navi Group is a fintech company.
Bansal’s Restructuring of Navi
However, it needs to be noted, that Bansal has not left the company, as he continues to work as the executive chairman of the company he co-founded in 2018, after exiting Flipkart.
The Bengaluru-based company that deals with digital Loans, home loans, mutual funds, health insurance, digital gold and UPI is currently in restructuring mode.
New Appointments
In the process, Bansal has appointed Rajiv Naresh as the CEO of Navi Technologies Limited (NTL).
In addition, the IIT -Delhi alumni’s company also appointed Abhishek Dwivedi as the CEO of Navi Finserv Limited (NFL).
As for the said restructuring, the company founder, Bansal, termed it a strategic milestone. Bansal said, “This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth.”
RBI Ban On Navi Finserv
The company recently ran into trouble when the RBI banned Navi Finserv from disbursing loans and going about its regular business in October 2024. This ban was placed on the company, along with a few others, for violating regulatory norms.
The ban was however lifted, allowing the company to do business.
As for the said restructuring, the company founder, Bansal, termed it a strategic milestone. Bansal said, “This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth.”
Talking about the two new appointees, Bansal further added, “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”.
The central bank has cautioned Non-Banking Financial Corporations (NBFCs) on their model and the guise using which they are attaining their revenue. Previously, the governor Das had also asked NBFCs to course correct, failing which the RBI said it may have to take appropriate action.
This comes at a time, when RBI, under Shaktikanta Das, and now under the new governor, Sanjay Malhotra has underscored the importance of gauging the nature of the market, as far as NBFCs are concerned.
The central bank has cautioned Non-Banking Financial Corporations (NBFCs) on their model and the guise using which they are attaining their revenue. Previously, the governor Das had also asked NBFCs to course correct, failing which the RBI said it may have to take appropriate action.
