Ban on LazyPay, KreditBee, and more loan apps lifted by Indian government: report

The Indian government recently jolted the fintech industry by banning 230 betting and lending apps with alleged Chinese links earlier this week. Since the ban, there has been an update from the Ministry of Electronics and Information Technology. Reports suggest that the ban has been lifted on some popular and possibly Indian-origin loan apps. Some of the biggest names on the list include PayU-owned LazyPay and Kimsht, apart from Indiabulls and Faircent.

According to a report in Economic Times, LazyPay, Kimsht, indiabullshomeloans.com, buddyloan.com, Faircent.com and Aptoide versions such as KreditBee and mPokket have lifted their bans within days of the initial decision. This comes as a relief to millions of customers of widely popular apps like LazyPay; The banning of the Indian lending app had created a stir on social media. The Economic Times independently confirmed that major ISPs have unblocked these apps and websites. According to the report, in the coming days, more such apps will also be unblocked, which have no alleged link to China.

“MeitY has received documents from multiple platforms over the past few days and is examining the submissions to ascertain whether the ban was necessary or not. We have concluded that there is no need to block some of these platforms and hence, some of the ban orders are being revoked,” a government official told The Economic Times.

Kisht founder Ranveer Singh suggests that the compliant nature of these apps is the reason behind the complete ban being lifted this week. “The government has shown incredible support in ensuring that trusted and fully compliant apps like Kisht continue to work towards greater financial inclusion in the country,” Singh said.

To recall, a total of 138 betting apps and 94 lending apps were banned by the Ministry of Electronics and Information Technology, based on the recommendations of the Ministry of Home Affairs (MHA). This ‘immediate’ ban was done under Section 69 of the IT Act after several complaints of harassment from common people surfaced online.

Earlier it was reported that some Chinese nationals were duping Indians by luring them to take small loans through an app charging up to 3000 percent interest. On non-payment, these miscreants used to send obscene messages and objectionable pictures to the contacts present in the victim’s phone. The action came from the Government of India following several reports of suicides in the states of Andhra Pradesh and Telangana.

Read More: TikTok fired all its Indian employees! Is this China’s revenge?

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