India’s central bank told four non-bank lenders, such as Navi Finserv and DMI Finance, to stop lending money from October 21 because of high interest rates and rules that were not followed
According to the Reserve Bank of India (PDF), the firms violated regulations regarding asset classification, income assessment, and pricing. It was further stated that this action was taken in response to months of warnings regarding responsible lending practices. The companies that have been impacted may continue to provide services to their current customers; however, they must take corrective action to resume lending to new customers.
DMI Finance collaborates with numerous entrepreneurs and large technology companies, such as Google, to provide loans to their clients.
The announcement is also the most recent setback for Navi, a Bengaluru-based startup established by Sachin Bansal, a co-founder of Flipkart. The central bank previously denied Navi’s application for a banking license.
The new order was issued when Navi discussed securing its initial external funding with investors, as TechCrunch reported.
Nishad Singh, the former executive of FTX, is said to have cooperated with the investigation and requested a reduced sentence…
The FCC has implemented new regulations requiring all mobile phones to be compatible with hearing aids, ensuring accessibility for users…
Worldcoin, the Sam Altman-founded “proof of personhood” currency that scans eyeballs became “World” on Thursday. In San Francisco, the company…
Riders of Waymo robotaxis in the Bay Area may accumulate a $3 credit for each trip to and from specific…
OpenAI has launched ChatGPT for Windows, enabling users to access advanced conversational AI directly on their desktop for enhanced productivity…
Meta confirmed in a statement to TechCrunch that layoffs were implemented on Wednesday to reallocate resources within the organization A…