How fit-and-proper is Sachin Bansal to run a bank?

The billionaire co-founder of Flipkart’s quest for a full banking licence is one paper away from fruition. What are his chances?

T Surendar

Mumbai

22 July 2020

UNLOCK NOW!

In September 2019, the co-founder of India’s star e-commerce, Sachin Bansal, was not the first suitor of an insurance business that was on the block. Beleaguered home finance company DHFL’s parent WGC was selling its stake in its general insurance unit to bring down its liabilities and wanted to exit quickly. Another tech entrepreneur, Paytm’s Vijay Shekhar Sharma, was already at the door offering more money, but wouldn’t sign the dotted line until December.

But WGC could not wait and decided to exclusively deal with Bansal as he seemed a surer suitor. The due diligence prolonged and it was not until January that the deal was done for Rs 220 crore (most papers reported the deal was worth only Rs 100 crore). At the last minute, there was a serious hitch.

Authorities at the Insurance Regulatory and Development Authority of India realized that Bansal’s company Navi Technologies could not be cleared “fit-and-proper” as its earlier application to be a non-banking

What our readers say

Why subscribers love The Morning Context

High quality, independent journalism is rare to find. The Morning Context set really high standards that make me wait for each story.

Abhay Pandey, Managing partner, A91 Capital

Well-written and researched long form reads on a wide variety of topics and a team of veteran journalists - all of this makes my subscription worth it.

Anupam Gupta, Investment research consultant

In today's very noisy and cluttered world, I like that the Morning Context goes below the surface of company PR to deliver fact-based stories on Indian business.

Jessie Paul, CEO, Paul Writer

The Morning Context is my daily opportunity to get smarter about one new company/sector. Discerning analysis, unbiased and approachable.

Miten Sampat, Angel investor & former CSO, Times Internet

In today's polarized world, authentic and unbiased facts are in short supply world over. The Morning Context is a refreshing approach towards truthful, well researched, fearless, and high-quality articles on contemporary topics.

N S Parthasarthy, Co-founder, Mindtree

As one of the early subscribers, I've had the opportunity to witness how quickly the team has grown, the variety of angles covered, and the research in every in-depth story and op-ed.

Amarjit Batra, Managing director, Spotify India

In a world full of noise, The Morning Context is the calm that stimulates and energises your mind, with stories focused on fact, truth and dogged reportage.

Nikhil Taneja, Co-founder and CEO, Yuvaa

Although it’s a paid subscription, the kind of detailed research and quality of reportage makes it worth every rupee. It’s strength surely lies in having some of the finest journalists writing for it.

Shiladitya Bora, Producer, distributor and founder at Platoon One Films

Become a TMC member