Good news for Sachin Bansal from RBI, permission granted for home loans till this date

Sachin Bansal's company Navi FinServ has been permitted by the Reserve Bank of India (RBI) to disburse home loans sanctioned before 20 October.

Sachin Bansal's company Navi FinServ has been permitted by the Reserve Bank of India (RBI) to disburse home loans sanctioned before 20 October. Earlier this month, the RBI had ordered Navi Finserv to stop approving and disbursing loans from the close of business on October 21 due to significant supervisory concerns, including excessive pricing.

The Bengaluru-based company said in a statement on Tuesday, "The Reserve Bank of India (RBI) has allowed Navi Finserv to disburse scheduled home loans approved before October 20, 2024. The permission has been given till December 31, 2024." It said that this decision provides relief to many home buyers whose home loans were sanctioned before regulatory action by the RBI and who are waiting for the previously scheduled loan disbursement. Apart from Navi Finserv, the central bank had also imposed similar restrictions on three other non-banking financial companies (NBFCs) New Delhi-based DMI Finance Private Limited, Kolkata-based Arohan Financial Services Limited, and Chennai-based Ashirvad Micro Finance Limited.