Sachin Bansal's Navi Technologies inducts former RBI deputy governor Anand Sinha on board

Sachin Bansal (Image: Reuters)

Navi Technologies, a fintech firm founded by Flipkart co-founder Sachin Bansal said on August 25 that Anand Sinha, former deputy governor of the Reserve Bank of India, has been appointed to its Board, due to his vast experience in financial services.

Nachiket Mor, Visiting Scientist at The Banyan Academy of Leadership in Mental Health and former India Country Director, Bill & Melinda Gates Foundation, has also been appointed to the Board of Directors of Navi General Insurance (NGIL). In order to provide focused attention to Navi’s health insurance business, Mor has decided to step down from his directorial responsibilities at NTPL

In April this year, Chaitanya India Fin Credit, which Bansal acquired last year, was among the applicants for a Universal Bank Licence, according to the list of applicants released by the RBI.  ​

Bansal, who co-founded Navi Technologies with Ankit Agarwal after leaving Flipkart, wants to build a financial services platform that offers loans,  insurance, and mutual funds. He also plans to partner with existing players in the payments space. ​

He has been making various bets in the financial services space since then. One of them is microlender Chaitanya India Fin Credit, which he acquired for Rs 739 crore in September last year.

Bansal had earlier said that building a universal bank is a reflection of the lender's commitment to providing financial services to those who need them. Bansal plans to disrupt financial services by using technology that people can use easily and intuitively.

In a recent interview with Moneycontrol on Navi Mutual Fund, Bansal said technology is at the heart of Navi’s strategy and that they are a tech-first company.

Also Read: Sachin Bansal on why his Navi MF is focussed on rolling out passive schemes

"The aim is to not just make transactions seamless, but also use technology to help investors make better investment decisions. We want to provide them the right recommendations in a transparent manner through technology, with just the right amount of information. Technology will also help us lower our operations cost" he said.