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India ’s central bank put four non - bank lenders , including Navi Finserv and DMI Finance , to stem loans from October 21 , citing excessive stake rates and regulative breaches .
The Reserve Bank of Indiasaid(PDF ) the firms outrage rules on pricing , income assessment , and plus classification . This action follows month of monition about creditworthy loaning practices , it added . The affected companies can continue service existing customers but must enforce alterative bar to take up unexampled loaning .
Many startups and big technical school house , include Google , Samsung , and Airtel , work with DMI Finance to extend loan to their client .
The news program is also the latest reverse for Navi , a Bengaluru - based startup founded by Flipkart Colorado - founder Sachin Bansal . The central bank earlierrejected Navi ’s lotion for a banking license .
The new order issue forth at a time when Navi has been in talks with investors toraise its maiden external funding , TechCrunch in the beginning reported .
“ Navi Finserv Limited is committed to behave its business operations with the highest standards of compliance , client service , and transparency , ” a Navi spokesperson said in a statement . “ The company is reviewing the direction received from the Hon’ble Reserve Bank of India and will work with them , and address all the concerns advance with punctuality and completeness . ”
