Chinese influence, loan-collection practices reasons for India’s crackdown on lending apps

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 IT Ministry’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.
The IT Ministry is concerned about the historic or current presence of Chinese investors on the

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