If stress on the balance sheet and repayment pressures due to Covid-19 were not enough, fintech lenders are now grappling with the fallout of the crackdown on shady Chinese loan apps that jolted the sector last year.
Law enforcement agencies have in recent months frozen the bank accounts of multiple regulated and consumer-focussed fintech lending startups as well.
“We heard from our bank branch in Hyderabad that our account has been frozen under instructions from the local police,” said a top executive at one of these startups.
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