Navi Finserv Cancels INR 1 Lakh Cr Bond Sale Amid RBI Scrutiny

• Navi Finserv has withdrawn its planned INR 1 Lakh Cr bond sale.
• The decision comes after the RBI barred Navi and three other NBFCs from issuing new loans due to high interest rates.
• Shobhit Agarwal, head of Navi's lending division, stated there was no immediate need for external funding.
• The RBI's action was based on concerns about the companies' pricing policies and excessive interest spread.
• Navi Finserv's parent company, Navi Technologies, is planning an IPO.

Source: Inc42