The government will lift the ban on Fintech firms Lazypay, Kissht
Sources said the government will lift the ban on LazyPay and Kissht which were on the list of banned websites and apps after representations were made by these companies
The government will lift the ban imposed on fintech companies LazyPay and Kissht after representations were made by these companies, a senior official said on Friday. The government last week ordered the blocking of 232 apps operated by foreign entities, including Chinese ones, for being involved in games, gambling and unauthorized lending services.
Sources said the government will lift the ban on LazyPay and Kissht which were on the list of banned websites and apps after these companies made representations. A senior official confirmed the development.
The Ministry of Electronics and Information Technology (MeitY) issued blocking orders on Saturday, based on an emergency request issued by a nodal officer of the Home Ministry, against 138 betting and gambling websites and 94 loan apps that engaged in illegal money laundering and posing. a threat to the country’s economic security. Fintech firms LazyPay, IndiaBulls Home Loans and Kissht were among the list of blocked websites.
According to the list, MeitY ordered to block lazypay.in, which is a subsidiary of the Dutch investment company Prosus. The website www.indiabullshomeloans.com is operated by housing finance company Indiabulls Housing Finance Ltd, while Kissht.com is operated by RBI registered NBFC ONEMi Technology Solutions Private Limited.
The other sites on the block list include buddyloan.com, cashtm.in, kreditbee.en.aptoide.com, faircent.com, true balance.en.uptodown.com and mpokket.en.aptoide.com. Fintech firms mPokket, True Balance and Kreditbee have denied any link to the banned platform.
“The reference to TrueBalance in the media story mentioning Meity’s target list of digital lenders is a clear case of impersonation. It is a proxy app present on the Uptodown app store that we (TrueBalance) have no direct or indirect connection with.
“We hereby clarify that till date we have not received any official communication from the Ministry,” said Balancehero India- which operates True Balance. Similarly, KreditBee said that Aptoide is a third-party App Store, with which it has no formal or informal partnership.
“We speculate that there is a proxy app on Aptoide and are investigating this further. Blocking the Aptoide link is a favorable outcome for us,” the company said. mPokket has also said that the app on the banned list mimics it and that the firm has no link to the blocked platform.
