fbpx

Type to search

India Seeks to Block Shadow Banks Owned by Chinese – BS

The probe agency has asked the Reserve Bank of India to cancel licences of shadow lenders which are owned by Chinese nationals based in Hong Kong


RBI
Investigations found that the shadow banks had no control over lending or recovery operations, which are managed by digital lending fintech companies, the report said. File photo: AFP.

 

India’s economic offences investigation agency, the Enforcement Directorate, has prepared a list of 40 non-banking financial companies, or shadow banks, involved in digital lending activities but acting as a front for companies linked to Chinese nationals, Business Standard reported.

The probe agency has asked the Reserve Bank of India to cancel licences of these shadow lenders, which are owned by Chinese nationals based in Hong Kong, the report said.

 

Read the full report: Business Standard.

 

 

ALSO READ:

 

China, India Attract ‘More Than Their Fair Share’ of VC Funds

 

Coal Price To Stay High on China, India Demand, Says Trafigura

 

China-Owned MG Motor India Seen Planning EV Fundraising Push

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

logo

AF China Bond