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China's Xiaomi to open nonbanking financial company in India

Xiaomi Corp. plans to begin operations for a nonbanking financial company in India, The Economic Times reported Oct. 15, citing a regulatory disclosure.

The new company, Xiaomi Financial Services India, was incorporated on Oct. 10, according to data accessed from India's Registrar of Companies. It will soon seek approval from the Reserve Bank of India to operate as a nonbanking financial company.

Xiaomi Financial Services India plans to offer loans to consumers for purchasing various products, including electronics, home appliances, lifestyle products and vehicles, as well as provide credit to companies or other entities for acquiring goods, merchandise and assets of any nature.