India’s central bank cracks down on fintech startups

For nearly all fintech startups, lending has long been the end game. A notice from India’s central bank this week has thrown a wrench into the ecosystem, scrutinizing just who all can lend.
The Reserve Bank of India has informed dozens of fintech startups that it is barring the practice of loading non-bank prepaid payment instruments (PPIs) – prepaid cards, for instance – using credit lines, in a move that has prompted panic among – and existential threat to – many fintech startups and caused some to compare the decision to China’s crackdown on financial services firm last year.
Several startu

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