Navi founder Sachin Bansal has resigned as the CEO and has appointed Rajiv Naresh as the CEO of Navi Technologies Limited (NTL) and Abhishek Dwivedi as the CEO of Navi Finserv Limited (NFL).
Flipkart founder Bansal, will continue in the capacity of Executive Chairman of the Navi Group.
According to Navi, both Naresh and Dwivedi are part of the early founding team of the organisation and have held various leadership roles within the Navi Group over the past six years.
The restructuring comes a few months after the recent Reserve Bank of India action on the company, stopping it from lending for around 40 days, before letting Navi to restart issuing credit products to its customers.
“This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth. 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 ” Bansal said in a statement.
The statement clarifies that it was a proactive evolution to enhance performance rather than a response to any of the recent regulatory challenges the company has faced.
At the time of banning Navi from lending, RBI said that the company was charging usurious interest from consumers and also said that the company was evergreening the loans pushing customers in the below Rs one lakh loan segments into indebtedness.
“Holding the position of Executive Chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group, while Rajiv and Abhishek will lead their respective businesses,” Bansal added.
Moneycontrol reported that Navi had proactively reached out to regulator and made several changes in line with RBI's demands, seeing the regulator reversing its ban in around 40 days.
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