Post ID 69263

Companies that have a tendency to disburse loans as much as Rs 50,000 spend money on formal re re re payment gateways

The apps are mostly hosted on Chinese servers.

One such revelation included at minimum 10 electronic financing apps sharing the exact same Chinese backend — provided by Beijing-based Liu-Fang Technologies, which includes workplaces in Asia. This, industry sources state, is “completely illegal”.

The smarter one’s tie-up with inactive NBFCs to give out loans to be on the right side of the law. An NBFC that follows the legislation will likely not just just take such that loan on its books as it’s perhaps not the capital entity. It simply lends its title to your capital entity and gets that is 1-3 of loans disbursed as payment. At times, the sponsors among these entities that are funding international nationals — primarily settled in Asia, Indonesia, Malaysia or Hong Kong.

Pravin Kalaiselvan, president of Mumbai-based Save Them Foundation, states “90% of investors in these organizations are Chinese”. He cites the exemplory case of OKash, a financing item through the promoters of Opera. (more…)