Navi Finserv, a fintech startup led by Flipkart co-founder Sachin Bansal, announced the appointment of Anil Kumar Misra, a former Reserve Bank of India (RBI) executive, as the non-executive chairman of its board, effective from August 23, 2024.
Anil Kumar Misra retired from the RBI in 2018 as an executive director, where he was responsible for the supervision of both banking and non-banking financial institutions. His previous roles on the boards of major banks such as Punjab National Bank, Jammu & Kashmir Bank, and Union Bank of India add to his extensive experience in the financial sector.
“This change aligns with Navi Finserv’s long-term vision of building a strong, sustainable business, supported by three key pillars: robust risk management, high corporate governance standards, and a commitment to ethical practices. The Company remains committed to delivering sustained value to shareholders, investors, and the broader business community through innovative technology and data-driven strategies that enhance credit accessibility and bridge financial gaps,” the company said in the press release.
Sachin Bansal will continue as its CEO, the non-banking financial services company said in a press release.
“The addition of Mr Misra as Chairman of the Board marks a significant step forward for Navi Finserv. His deep expertise in financial services will help us as we navigate the challenges and opportunities ahead. Mr Misra’s appointment will further elevate our focus on governance and long-term sustained growth and I look forward to collaborating closely with him to build on the strong foundation we have established,” Sachin Bansal, Executive Director and CEO, Navi Finserv, said.
“It is my privilege and pleasure to be joining the Board of Directors of Navi Finserv, which has come a long way since its inception. The under-served segments of our society present enormous business opportunities to fintech companies like Navi. I look forward to working with my Board colleagues and the management team towards realising its fullest potential in a well-calibrated and prudent manner while optimally leveraging technology for effective redress of the credit gaps,” said Misra.
Navi Finserv, a fully-owned subsidiary of Navi Technologies, offers a range of lending products including personal and home loans. Despite a setback in its IPO plans due to market volatility, Navi Finserv has demonstrated strong financial performance, with a significant increase in net profit and operating revenue.
