Friday, 24 March, 2023

RBI rejects Sachin Bansal’s India bank permit application

<p>Four banking license applications were rejected by the Reserve Bank of India, including Sachin Bansal&#39;s Chaitanya (the micro-financing unit of Navi Technologies). Navi would have been able to collect consumer deposits and then lend those monies to others with a license. The company filed for a $440M IPO earlier this year, with a valuation of nearly $4B. Media reports accused of Navi of breaking foreign exchange rules and failing to safeguard customer data.<br /> &nbsp;</p>