Sachin Bansal’s banking dream under scrutiny and why NSE’s IPO must be scrapped

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Editor's note: Ashwin here. First up, we have some exclusive news on Sachin Bansal’s banking dreams. There are problems. Three to be precise. Bansal, who is also busy preparing for Navi’s IPO, needs to sort these out before getting RBI’s approval. On the other hand, there is a strong case for market regulator SEBI to quash NSE’s IPO plan. The “yogi” episode should be the final straw in a long list of blunders by the exchange. Read on. Navi’s banking plans under scanner The Reserve Bank of India’s committee to screen new bank licence proposals is said to be harbouring concerns over an application by Sachin Bansal’s microfinance firm Chaitanya India Fin Credit for conversion to a universal bank. The committee is concerned that Bansal may not pass the fit and proper criteria and has apprehensions on his Navi group’s ownership of an insurance company, people aware of the matter said. Customer complaints over Navi’s mismanagement of personal data could also figure high in the central bank committee’s screening of Bansal’s application. Meanwhile, on 8 February, Entrackr reported that Navi had converted …