CHinese Apps

Chinese Lending Apps Under High Scrutiny by Reserve Bank of India

Chinese digital loan apps were utilising the loophole in the regulatory guidelines to dupe Indian clients. As fintech companies were unlikely to get fresh non-banking financial companies (NBFC) license from RBI to offer loans, they devised the Memorandum of Understanding (MoU) route with the already defunct Indian NBFCs to indulge in large-scale lending activities.