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PayU's LazyPay, KreditBee, Kissht restored as MeitY lifts ban on select digital lending platforms

The development comes days after several fintech executives met with MeitY officials seeking clarity, following which they were asked to submit multiple documents detailing their shareholding structure, compliances, and other information.

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PayU's LazyPay, KreditBee, Kissht restored as MeitY lifts ban on select digital lending platforms

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  1. PAYU'S LAZYPAY, KREDITBEE, KISSHT RESTORED AS MEITY LIFTS BAN ON SELECT DIGITAL LENDING PLATFORMS

  2. Following an ‘abrupt’ ban on several digital lenders, the Ministry of Electronics and Information Technology has issued an order to app and website hosting platforms to restore access to some of the entities. The development comes days after several fintech executives met with MeitY officials seeking clarity, following which they were asked to submit multiple documents detailing their shareholding structure, compliances, and other information.

  3. Several of these companies have now received verbal confirmation from the officials that their platforms were being restored, even as app stores and internet service providers were being directed to unblock the websites, apps, or versions on third-party app marketplaces.

  4. “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," Ranvir said, adding that Kissht expects to double its customer base this year.

  5. As per a Livemint report, the government has issued a list to internet service providers to restore the websites, apps, or third-party app versions of select digital lenders. This list includes Kissht, PayU-backed LazyPay, Buddy Loan, Indiabulls Home Loans, and Faircent.

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