Indian Govt lifts ban on LazyPay, Kissht and other loan apps

Earlier this month, Union Home Ministry directed the Ministry of Electronics and Information Technology (MeitY) to block 138 betting apps and 94 loan lending apps with Chinese connections. The ministry has now revoked the orders for some apps that are properly regulated according to the standards.

Following the ban, affected fintech companies met with MeitY officials to discuss the next steps. Some of these fintech firms were questioned about their investors and capital structure during the discussion, and they were also asked to submit supplementary documents. Officials cross-checked these documents to ensure they were from regulated entities.

Several platforms, including LazyPay, Kissht, KreditBee, mPokket, IndiaBucksHomeLoans.com, BuddyLoan.com, FairCent.com, and others, have received revocation orders.

The ministry has begun issuing orders to internet service providers (ISPs) and Google Play Store operator to unblock some digital lending apps and websites.

A government official told ET about the situation.

MeitY has received documents from several platforms over the last few days and has been scrutinizing the submissions to ascertain whether the ban was necessary or not.

We have concluded that some of these platforms do not need to be blocked, and, therefore, some ban orders are being revoked. In addition to these platforms, the “a few more” will also be unblocked.

Regarding the revocation of the order, Kissht founder Ranvir Singh said,

We thank the government and MeitY for revoking the order to block Kissht. The government has shown unrelenting support in ensuring that credible and fully compliant apps such as Kissht continue to work towards greater financial inclusivity in the country.

We have served more than 8 million Indians since 2017 and look forward to serving many millions more in the years forward. Kissht continues to provide hassle-free credit with the objective of doubling our customer base in 2023.


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