Sachin Bansal’s firm fails to secure India bank permit

The Indian central bank has rejected the application of Chaitanya India Fin Credit seeking permission to become a bank in a major setback to Flipkart billionaire Sachin Bansal, who has been looking to take his newer venture, Navi, public.
The Reserve Bank of India on Tuesday rejected four applications including Bansal’s Chaitanya (the micro financing unit of Navi Technologies), saying they were “not found suitable” for running full-fledged banks in the world’s second most populated market.
Tuesday’s decision is a major blow to Bansal, who has been seeking a banking license for years. A l

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