Contribute Information
Can you contribute information about this project?
Contact the EWS Team
According to the bank website, "The proposed investment comprises an equity investment in Navi Technologies Private Limited (NAVI or the Company). NAVI is in the process of acquiring 100% ownership over the shares of Chaitanya Rural Intermediation Development Services Private Limited (CRIDS) from Sachin Bansal and existing investors; and an application has been submitted to the Reserve Bank of India (RBI).CRIDS has a wholly owned subsidiary Chaitanya India Fin Credit Private Limited (CIFCPL). CRIDS and CIFCPL are collectively referred to as Chaitanya. Chaitanya presently provides loans to low income customers in rural areas largely on the joint-liability-group lending (JLG) model. CIFCPL has made an application to the RBI for a universal banking license under the RBI’s On-Tap Banking License Guidelines, 2016. IFC’s investment in NAVI is to support the transformation of CIFCPL into a technology led universal bank or NAVI Bank (the Project) which would provide mass market banking solutions for individual and micro, small and medium enterprises (MSME) and select corporates."
Navi Technologies Private Limited
Ankit Agarwal, CFO
Ankit.agarwal@navi.com
93, 5th A Block, Koramangala Ind LayoutBangalore KA 560095
www.navi.com
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/