Kolkata: Just about four months after Reserve Bank of India came down heavily on Navi Finserv following concerns over the firm’s loan pricing practices, Navi Group co-founder Sachin Bansal has resigned from his role as Chief Executive Officer of both Navi Technologies and Navi Finserv. It might be recalled that Sachin Bansal shot into limelight as the founder of Flipkart.
Sachin Bansal will be replaced by Rajiv Naresh, who is a vice-president of Navi Technologies, to fill the CEO’s slot in that company. Bansal’s role in Navi Finserv will be filled by Abhishek Dwivedi, who is also a vice-president. Bansal will now head the Navi Group in the capacity of executive chairman. “Holding the position of executive chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group,” Bansal mentioned in a statement.
Enhancing performance is the motto
A statement from the Navi group said that the latest restructuring effort has to be seen as an attempt to “enhance performance” and not a response to “challenges.” In October 2024, the country’s banking regulator Reserve Bank of India penalised Navi Finserv and said that it could not disburse any new loans. The immediate concern was the company’s loan pricing policies. However, that was not said to be only concern of the RBI. However, after the regulator was satisfied by the changes that the company made, it reversed the ban in a time period of 40 days.
New CEOs to power Bansal’s latest venture
Rajiv Naresh and Abhishek Dwivedi, who will be replacing Bansal as the CEO in Navi Technologies and Navi Finserv respectively have been working for the group for the past six years. Both joined in 2019. According to reports, the Navi Group’s non-lending business will be the area where Rajiv Naresh will focus. Abhishek Dwivedi will head all of the Group’s lending businesses. Wearing his new hat, Bansal would be focusing on the group’s long-term strategic vision, exploring expansion opportunities, steering fund-raising and M&A efforts, said a group statement.
In a move that has been described as an attempt to boost performance, Navi Group co-founder Sachin Bansal has stepped down from his role as Chief Executive Officer of Navi Technologies and Navi Finserv. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
