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(Reuters) – Chinese language smartphone maker Xiaomi Corp is winding down its monetary providers enterprise in India, TechCrunch reported on Friday, citing sources accustomed to the matter.
The corporate not too long ago pulled its Mi Pay and Mi Credit score apps in India from the native Play Retailer and its personal app retailer, the report mentioned.
Three years after its launch, Mi Pay, which allowed customers to make invoice funds and cash transfers, is now not listed among the many acknowledged apps by regulatory physique Nationwide Funds Company of India (NPCI), TechCrunch mentioned.
Xiaomi and NPCI didn’t instantly didn’t reply to a Reuters request for a remark.
In India, Xiaomi’s strongest market outdoors of China, the corporate has been topic to authorities probes for allegedly dodging tax regulators.
An Indian court docket not too long ago declined to carry a freeze on Xiaomi’s $676 million price of belongings, even because the Chinese language smartphone group mentioned this enforcement motion had “successfully halted” its operations in its key Indian market.
(Reporting by Rittik Biswas in Bengaluru; Modifying by Savio D’Souza)
Copyright 2022 Thomson Reuters.
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