Navi Group on Friday rejigged its top management, with founder Sachin Bansal resigning as the chief executive officer of Navi Technologies and Navi Finserv, its lending arm. Bansal will continue in the capacity of executive chairman of the group to focus on long-term strategies.
Rajiv Naresh will head Navi Technologies while Navi Finserv will be headed by Abhishek Dwivedi, both part of the Navi’s founding team. Naresh, a legal professional, joined Navi as director – legal and has served as the chief of staff and vice president. Dwivedi, a former executive of Bankbazaar.com, has also served in several roles, including COO and the head of strategy and business operations.
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Following the restructuring, all the lending businesses will be headed by Dwivedi while Naresh will focus on the non-lending businesses.
“This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth,” Bansal said in a statement. “Both Rajiv and Abhishek have played key roles in our growth, and I am confident that we will continue on this upward trajectory as they assume their new roles.”
The restructuring is aimed at scaling operations and focusing on long-term growth. As executive chairman, Bansal will focus on exploring expansion opportunities, steering efforts across fundraising, mergers & acquisitions and enhancing compliance and risk management.
He will also be involved in driving technological developments, while closely guiding the professional management team led by Naresh and Dwivedi.
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In October, the Reserve Bank of India prohibited Navi Finserv and three other NBFCs from sanctioning and disbursing loans due to concerns over its pricing policy in terms of the weighted average lending rate and the interest spread charged over cost of funds, which were found to be excessive and not in adherence to regulations. In December, the RBI lifted these restrictions following measures taken by the company.
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