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Lending Apps Ban Revoke: The Government of India has recently banned 232 lending and betting apps while taking major action on foreign apps with suspicious activities. These include most Chinese and some non-Chinese apps as well. Now the government has decided to lift the ban on financial technology companies – LazyPay and Kissht. The IT Ministry had given 48 hours to the apps of these companies to prove their authenticity. It is reported that after clearing things by fintech companies, it has been decided to remove the ban from them.
The government will lift restrictions on financial technology companies – Lazypay and Kisht. The Ministry of Information Technology had given 48 hours to the apps of these companies to prove their authenticity. Giving this information, a senior government official said that after clearing things by these financial technology companies, it has been decided to lift the ban from them.
Last week, the government ordered the ban of 232 apps from units in China and other countries. These restrictions were imposed on betting, gambling and providing loan facilities in an unauthorized manner.
Sources said that the government will lift the ban on Lazypay and Kisht included in the list of banned websites and apps. These apps have cleared their position before the government. A senior government official also confirmed the development.
It is noteworthy that the Ministry of Electronics and Information Technology issued an order on Saturday on the emergency request of the nodal officer of the Ministry of Home Affairs to place bets and ban 138 websites involved in gambling and 94 loan-giving apps. They were involved in money laundering and were a threat to the financial security of the country.
The entities that were banned included financial technology companies Lazypay, Indiabulls Home Loans and Kisht. The websites on the banned list include badloan.com, cashtm.in, faircent.com, truebalance.n.uptown.com and mpocket.n.uptown.com. (with language input)
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