The Enforcement Directorate has prepared a list of 40 non-banking financial companies (NBFCs) involved in digital lending activities but acting as a front for companies linked to Chinese nationals. It has asked the Reserve Bank of India (RBI) to cancel licences of such shadow lenders.
People privy to the development said there are entities that have received an NBFC licence from the RBI and also tied up with digital lending apps (DLAs) extending small-ticket personal loans, and credit to small and micro enterprises, among others. Investigations found that these NBFCs have no ...
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