A few days back, we have seen Indian Government banning 138 betting apps and 94 loan apps with Chinese links over security concerns. The Ministry of Electronics and Information Technology (MeitY) has been working on the same with the direction of the Union Home Ministry. Now the same ministry has revoked its orders for a few apps which are properly regulated according to the standards. Orders to Internet Service Providers (ISPs) and Google Play Store operators have been issued to unblock some digital lending apps and websites.
After the ban that was imposed earlier, the affected fintech companies met with Meity officials to discuss the next steps, and these fintech firms inquired about their investors and capital structure during the discussion. They were also asked to submit supplementary documents which were cross-checked by the officials. This made sure, these money-lending platforms are from regular entities and few have received revocation orders.
A few of these money-lending platforms that have got revocation orders are listed below.
- LazyPay,
- Kissht,
- KreditBEE,
- Buddy Loan,
- Indiabulls Home Loans,
- Faircent,
- mPokket,
- IndiaBucksHomeLoans.com
- BuddyLoan.com,
- FairCent.com and a few others are, among which have been revoked.
According to a government official, “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.
The founder of Kissht, Ranvir Singh has thanked 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. He also mentioned that they have served more than 8 million Indians since 2017.
Are you using any of these apps? Let us know in the comment in section below and stay tuned for more details.
