News Snapshot:
The Directorate of Enforcement ( ED ) said on Wednesday that various fintech companies and non-banks backed by Chinese funds indulged in predatory lending, violating Reserve Bank of India ( RBI ) guidelines and generating proceeds of crime worth more than Rs 940 crore. The federal agency said decisions on fixing interest rate/processing fee/platform fee etc., were taken by fintech companies and these companies were taken by fintech companies and these companies were operating based on instructions from people in China and Hong Kong. The agency recently provisionally attached Rs86.65 crore lying in various bank accounts pertaining to non-banking financial...
