Navi Finserv shelves bond sale amid RBI ban on lending; cites 'adequate liquidity'

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Navi Finserv shelves bond sale amid RBI ban on lending; cites 'adequate liquidity' - YourStory

Quick Summary:

The Reserve Bank of India ordered four lending companies—Asirvad Microfinance, Arohan Financial Services, DMI Finance, and Navi Finserv—to stop disbursing new loans from October 21, 2024.

The company remains dedicated to maintaining the highest standards of compliance, transparency, and customer care in its operations," a Navi spokesperson had said after the initial notice was circulated.

This action was taken because of extremely high interest rates charged to borrowers, which violated RBI's rules.