India's shadow lenders are scaling back operations amid a crackdown on bad loans. The industry, which provides credit to small businesses and individuals outside traditional banking channels, is facing increased scrutiny due to rising non-performing assets (NPA). As regulators tighten regulations, some shadow lenders are opting for a more cautious approach, while others are seeking partnerships with established banks.

Source: https://www.bloomberg.com/news/articles/2024-11-05/india-s-shadow-lenders-retreat-as-bad-loans-rise-amid-crackdown