Big businessman gave up his dream of building a bank? Decision taken after seeing the plight of Paytm Payment Bank

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Sachin Bansal had applied for a bank license.

He could not get the license.

He says that he will apply for it again later.

New Delhi. Sachin Bansal, co-founder of Flipkart, the company that competes with Amazon in India, has now put on hold his dream of building a bank. He says that now he will move ahead on this only when the regulator says that now is the right time. He said this in an interview given to Moneycontrol. He said microfinance was a good business but he left it when his bank license was cancelled.

He said that he will apply for bank license in future also. He hopes that by then Navi will reach such a level that on its basis it will be possible to apply for a bank license. Let us tell you that Navi is a fintech company whose assets under management have exceeded Rs 7500 crore. This is a digital financial services company. It is active in areas like personal and home loans as well as insurance, mutual funds, gold and UPI.

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We could not understand the mood of the regulator
Regarding not getting the banking license, Sachin Bansal said, “I think we mistimed and we could not understand the mood of the regulator properly.” According to Bansal, now he will wait for that opportunity when the regulator will say that yes, he is now ready to give more licenses.

How to make money by giving loan
He said that his company is running in profit. He says, “We can make money because we are digital. We have reduced paperwork. We spend very little on marketing. We don't have any agents promoting us on the road. Navi had made a profit of Rs 35-40 crore in the December 23 quarter. Bansal said that he will probably try for IPO again in the coming time.

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Tags: Business news, Business news in hindi, Flipkart