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
93, 5th A Block, Koramangala Ind LayoutBangalore KA 560095
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