MeitY blocked LazyPay, IndiaBulls Home Loans, Kissht digital loan apps including another 230+ including 138 betting and gambling websites and 94 loan apps, which were engaged in illegal money laundering and were posing threat to financial security. Ministry of Electronics and IT has also issued order to block lending and Buy Now Pay Later app lazypay.in which is a subsidiary of Dutch investment firm Prosus & Naspers. Meity issued blocking orders on Saturday based on an emergency request issued by a nodal officer of the home ministry.
The list includes www.indiabullshomeloans.com operated by housing finance company Indiabulls Housing Finance Ltd and Kissht.com which is operated by RBI registered NBFC firm ONEMi Technology Solutions Private Limited. The other website in the block list include buddyloan.com, cashtm.in, kreditbee.en.aptoide.com, faircent.com, true-balance.en.uptodown.com etc. Also Read – Digital Lending Market in India Grew By 11%
Earlier, Google had removed as many as 2,000 credit disbursement apps for violating its Play Store policies as well as rules around money lending by the RBI and law enforcement agencies, and on user feedback. In January 2021, Google had removed from its Play Store 30 lending apps, including LazyPay, that did not comply with the RBI regulations.
