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Sachin Bansal says not the end of the road after RBI rejects banking licence application

RBI said that Navi Technologies' subsidiary Chaitanya India Fin Credit was not found suitable for the Universal Banking Licence along with three other applicants

May 17, 2022 / 06:07 PM IST
Sachin Bansal, Founder and Chairman of Navi Technologies. Picture courtesy: Chandra R Srikanth

Sachin Bansal, Founder and Chairman of Navi Technologies. Picture courtesy: Chandra R Srikanth

Navi Chairman Sachin Bansal's dream of making the company a banking entity has been brought to a halt after the Reserve Bank of India (RBI) said it found the company's subsidiary unsuitable for a universal banking licence.

The announcement from the RBI came when Bansal was addressing a press conference to announce the company's maiden issue of Non-Convertible Debentures (NCDs). Bansal said it was not the end of the road and the company would also consider appealing RBI's decision.

"We haven't received written communication from RBI yet. We are going to look at it once we get it, and then chart the next course of action. There are lots of options in front of us. It is not the end of the road for us. I mean, there are many things to explore including re-applying," he said.

"We have to go back and analyse this. We will consider whether we want to appeal this and weigh our options."