Reserve Bank Of India Tightens Noose On Fraudulent Chinese Lending Apps ...Middle East

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Reserve Bank Of India Tightens Noose On Fraudulent Chinese Lending Apps
New Delhi: 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. […] The post Reserve Bank Of India Tightens Noose On Fraudulent Chinese Lending Apps appeared first on Ommcom News.

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