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.
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