RBI Halts Loan Disbursement by Sachin Bansal's Navi Finserv

• The Reserve Bank of India (RBI) has ordered Navi Finserv and three other non-banking financial companies (NBFCs) to stop sanctioning and disbursing loans.
• This action is due to excessive interest rates and non-compliance with RBI regulations.
• The business freeze will remain until the firms take corrective actions to the satisfaction of the RBI.
• The restrictions will not affect existing loan servicing or collections.
• Navi Finserv is committed to addressing all the concerns raised with promptness and completeness.

Source: Inc42