Chinese Influence, Loan-Collection Practices Reasons For India's Crackdown on Lending Firms

India's push to ban over 90 lending apps has sent shockwaves to the fintech industry as many scramble to understand why they have been impacted. The Ministry of Electronics and IT's move is reportedly aimed at protecting the nation's integrity and curb China's influence in the South Asian market, the state-owned broadcaster Prasar Bharti said on Sunday. In meetings with fintech associations on Tuesday, officials from the IT Ministry and influential think tank Niti Aayog offered broader explanations about the decision. From a report: The IT Ministry is concerned about the past and current presence of Chinese investors on the cap tables of some lending apps in India, the officials said, according to a source familiar with the matter. Another concern is the rising reports of cybercrimes that are linked to China. The officials said the Ministry of Home Affairs has received reports of criminal activities involving Chinese firms that are tapping APIs to access Indian lending apps and obtaining and storing data of Indian consumers outside of the country, the source said.

Re: Waste of time

[Type44Q]

What exactly is "China's influence" here, how does that show and why do they think it bad?

Instead of lumping all those arguments-disguised-as-questions together into one post, a smarter shill would post them separately under different accounts.

Less transparent that way.

Who cares?

[registrations_suck]

How did this crap article ever get promoted to the front page?

The Chinese have really sharp collection practices

[Crashmarik]

I mean the Mafia doesn't want to deal with their collectors, and I don't believe the country has the concept of personal bankruptcy and only recently implemented corporate bankruptcy. (Chapter 7 style, not 11 or 13).

The collectors will show up, harass, harass family, friends, employers, customers, neighbors and if they can get a debtor in the right place, assault them.

It's no wonder India had to crackdown if their lenders were picking up the bad habits.

Re:

[Crashmarik]

Well if you call it a corporate bankruptcy that leaves the principals and operating officers on the hook for the funds then OK.

Re:

[Crashmarik]

And here we go the current law is from June 2007
https://en.wikipedia.org/wiki/... [wikipedia.org]

And the courts didn't start giving stronger protections till 2017
https://www.omm.com/resources/... [omm.com]

ironic

[bloodhawk]

kinda ironic given india seems to be the home to the majority of online and phone scams which are arguably a much larger plague on the world, but I guess that mostly affects people outside of india so they don't give a damn.