Xiaomi to only sell smartphones in India now

New Delhi: Xiaomi India has shut down its financial services business, four years after its launch, terming the decision as part of a strategic shift to focus on the core business of selling smart devices.

The decision comes at a time when Indian authorities are probing the local unit of the Chinese smartphone company for alleged violation of foreign exchange rules. The Enforcement Directorate that probes money laundering has frozen the company’s bank assets worth Rs 5,500 crore.