The actions taken by the authorities, payment companies and NBFCs to flush out predatory apps reveal a lot.
It has been a month now since the Telangana police began a crackdown on short-term loan apps, following a number of suicides ostensibly due to harassment over loan recoveries. The action against these apps, mostly controlled by Chinese firms, led to several arrests of Chinese nationals as well as Indians working with those companies.
We had written in depth in an earlier piece about how these apps operated their personal and payday loan business in India, and the fallout that their actions have on other fintech lenders.
The matter is now being investigated by the Enforcement Directorate and the …
Arti is a former writer at The Morning Context. She previously worked with publications such as ET Prime, VCCircle, Firstpost and EETimes. Arti has keenly tracked the evolution of financial technology in India and written some of the defining pieces on the ecosystem as it birthed and matured. Even when not writing about it, she loves to dissect the revenue models, margins and regulations that are shaping the sector.
artisingh@mailtmc.com