New Delhi, Feb. 15 -- Navi Group co-founder Sachin Bansal has stepped down from his role as CEO of Navi Technologies and Navi Finserv.

In his stead, current vice presidents Rajiv Naresh and Abhishek Dwivedi will take over as CEO of Navi Technologies and Navi Finserv, respectively. Bansal will become the executive chairman of the Navi Group.

"Holding the position of executive chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group," the Flipkart founder said in a statement.

The Navi statement said that the restructuring is a part of an attempt to "enhance performance" rather than a response to "challenges."

In October, Navi Finserv had been banned by the Reserve Bank of India from disbursing new loans...