What is Mi Credit Service?
- Xiaomi launched in India in the year 2019 Mi Pay The service was launched. According to a report, more than 20 million people have subscribed to Xiaomi Mi Service. Also, the Mi Credit service was launched by the company.
- Mi Credit Service was launched in May 2018. However, this service was relaunched on 3 December 2019. Small loans are offered through this service. Under this service, a pilot project was run till November 2019, under which a loan of about Rs 28 crore has been given by Xiaomi. According to an estimate, till December 2019, loans of more than Rs 125 crore were given in India.
Chinese lending app under suspicion
- If the ED is to be believed, the Chinese nationals were running the lending app. A case has been registered in this case under the cyber crime section. The ED has been keeping an eye on the Chinese app for a long time. Raids have been conducted on many companies including Razorpay, which gives small loans on behalf of ED. Also, more than Rs 78 crore was recovered. Earlier, many apps have been closed, which have been involved in the work of providing online loans.