Monday, June 24, 2024
Outlook.com
Outlook India
Outlook Business

MeitY Revokes Ban Orders From Digital Lending Apps Like LazyPay, Kissht

The ministry began the process of banning 138 betting apps and 94 lending apps on Monday under Section 69 of the IT Act

MeitY Revokes Ban Orders From Digital Lending Apps Like LazyPay, Kissht

Outlook Start-Up Desk

POSTED ON February 10, 2023 2:56 PM

The Ministry of Electronics and Information Technology  (MeitY) has revoked bans on some digital lending apps including LazyPay and Kissht, Economics Times reported. Further, the ministry has issued orders to ISPs and Google to revoke the blockage enforced. 

The websites for LazyPay and Kissht were blocked on Monday following an emergency order issued by the Ministry of Electronics and Information Technology targeting over 200 gambling and lending apps, most of which appeared to be operated from China. 

The order was the result of a request from the Ministry of Home Affairs.

The development came after the lending platforms submitted documents to the government to support their claim that they were regulated players.

The information and technology (IT) ministry began the process of banning 138 betting apps and 94 lending apps on Monday under Section 69 of the IT Act.

“We asked the non banking financial companies (NBFCs) to give us a list of the apps they use for lending purposes. We have given that list to the government. And, the government has taken this step based on the list that we have provided,” said RBI Governor Shaktikanta Das.

It is also said that the IT ministry has provided the banned digital apps 48 hours time to submit documents to prove regulated play.

About 15 digital lending companies reportedly met MeitY officials in Delhi on Wednesday (February 8) to discuss the issue of the ban.

  • Related Articles

    The start-up received offers from 4 out of 5 sharks owing to its unique proposition and robust financials

    ZOFF Raises Rs 1 Crore from Aman Gupta on Shark Tank India Season 2

    The platform has a performance ranking system based on an algorithm that analyses a variety of batting, bowling and fielding statistics to assign an index rating to each player

    Sportiqo Launches India's First Sports Investment Platform

    PM Modi also added that these initiatives would boost the entrepreneurial drive in the state as well as in the country

    UP Eyes To Launch 100 Start-Up Incubators and Three State Of  The Art In The Coming Years : PM Modi