Ex-Flipkart honcho Sachin Bansal's Chaitanya to seek bank licence

Former Flipkart honcho Sachin Bansals firm Chaitanya, a Bengaluru-based microfinance company, said on Friday that it had submitted an application to the Reserve Bank of India (RBI) for a universal bank licence.

Founded in 2009, Chaitanya is successfully operating in the secured and unsecured credit space with a focus on unbanked and underbanked segments.

The company said the vision underlying this licence application is to increase financialisation by making banking simple, accessible and affordable via a consumer-centric and technology-driven approach. The aim is to bridge the credit gap between retail and MSME sectors by developing industry leading technology and global best practices as a mainstay.

"Building a universal bank is a reflection of our commitment to provide financial services to those who need them most," said Sachin Bansal, CEO, Navi.

"Our vision is to go beyond what hitherto has been broadly defined as 'financial inclusion' and provide access to formal financial services using technology that people can use intuitively and easily," he said.

Ankit Agarwal, CFO, Navi, added that the objective is to go beyond basic services.

"We are looking at a potential customer as undertaking a financial journey, not just looking at episodic transactions," Agarwal said.

"We are fellow-travellers; we are looking beyond the traditional way of delivering banking services to people with a focus on ease of use and customised offerings. It is going to be an exciting journey," he added.

( With inputs from IANS )