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India’s IT Ministry has lifted the ban on seven high-profile lending apps, including PayU’s LazyPay, Kissht, KreditBee, and Indiabulls’ Home Loans.
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The ban was lifted after the companies justified that they did not have Chinese investors on their cap tables.
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India has recently pushed to ban more than 90 lending apps to protect the nation's integrity and curb China's influence in the South Asian market.
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The IT Ministry is concerned about the presence of Chinese investors on the cap tables of some lending apps and rising reports of cybercrimes linked to China.
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The Ministry of Home Affairs has received reports of criminal activities involving Chinese firms accessing Indian lending apps and obtaining and storing data of Indian consumers outside of the country.
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The ban on Kissht's website and app has been lifted.
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Kissht has confirmed the lifting of the ban and expressed gratitude towards the Government of India.
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The company intends to continue working towards greater financial inclusivity in the country.
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Kissht has served over 8 million Indians since 2017.
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The company aims to double its customer base in 2023.