🚀 Medial just raised $500k in Pre-Series A. Tap to read the announcement. 🎉
Login

Back to feeds

Vikram Kumar

Stealth • 2m

Navi Finserv Ordered to Cease Loan Disbursement by RBI 🚨 In a recent development, Navi Finserv, the NBFC arm of Sachin Bansal’s Navi Technologies, has been ordered by the Reserve Bank of India to cease and desist from sanctioning and disbursing loans starting October 21. The RBI cited concerns over excessive interest rates that were not in compliance with regulatory guidelines. Navi primarily provides unsecured personal loans of up to ₹20 lakh, with interest rates ranging from 9.9% to 35%, depending on the borrower’s credit profile. This decision by the RBI also extends to entities like DMI Finance and Asirvad Micro Finance. The lending landscape is clearly facing increased scrutiny, with regulatory bodies prioritizing customer protection. #NBFC #RBI #NaviFinserv #Fintech #SachinBansal #Loans #Lending #FinancialRegulations #Finance

0 replies2 likes

More like this

Recommendations from Medial

Image Description
Image Description

BigLoot IN

Stealth • 2m

RBI has banned four NBFCs from issuing loans, including DMI Finance, Navi Finserv, Asirvad Finance, and Arohan Financial. The ban will take effect from October 21, 2024.

4 replies3 likes
Anonymous

Anonymous

Stealth • 3m

Hello Medial Community Is it mandatory for a fintech who is also engaged in lending activities to get the NBFC licence from RBI?

0 replies3 likes
Image Description
Image Description

LIKHITH

Stealth • 6m

DID YOU KNOW !? Kotak Mahindra Finance became India's first NBFC to be converted into a bank after being granted an RBI banking license in 2003. Like and follow for more.

27 replies15 likes
1
Image Description
Image Description

BigLoot IN

Stealth • 2m

Navi has built a personal loan book size exceeding ₹10,439 crore and has an Asset Under Management (AUM) of ₹11,725 crore. The company charges interest rates as high as 45% on loans. For home loans, it's reported that they require full access to pers

See More
3 replies6 likes
Image Description
Image Description

Rohan Saha

Stealth • 3m

What do you all think, will the Fed and RBI cut interest rates in this calendar year?

3 replies1 like
1
Image Description
Image Description

Priyant Dhrangdhariya

Stealth • 9m

India’s Gold Loan Market: A Glittering Opportunity The Sparkling Growth: Bajaj Finserv Ltd., a diversified NBFC, predicts India’s gold loan market—valued at $55.52 billion in 2022—will soar to $124.45 billion by 2029. A 12.22% annual growth fuels t

See More
3 replies8 likes
Image Description
Image Description

Amil Naushad

Stealth • 9m

Discuss: Pros and Cons of P2P Lending in India. Would you try it if it was not strictly regulated by the RBI?

9 replies9 likes
Image Description

Atharva Deshmukh

Stealth • 6m

Have studied about Monetary Policy in short and it's effect. The monetary policy is a tool through which the Reserve Bank of India (RBI) controls the money supply by controlling the interest rates. RBI is India’s central bank. While setting the int

See More
1 replies8 likes
Image Description
Image Description

Rohan Saha

Stealth • 3m

In the poll I conducted yesterday, 51% of people were saying no, but the Fed has cut rates now. Only the RBI is left; let's see what happens.

2 replies5 likes

Rohan Saha

Stealth • 1m

We reached out to many P2P platforms from January to July this year regarding their incorrect business models where they were not following P2P lending rules. They kept telling us that they were not doing anything wrong and were operating according t

See More
0 replies4 likes

Download the medial app to read full posts, comements and news.