Digital lending platforms were banned
Decision to lift ban taken after review meeting
Information will be given to hosting platforms
New Delhi. In a major relief to digital lenders, the Ministry of Electronics and Information Technology (MeitY) has decided to revoke the ban orders passed on February 6 after reviewing the apps. Along with this, meetings are also being held by the ministry with industry players.
Several industry sources, requesting anonymity, told our associate website Moneycontrol that after the review meeting, it has come to the fore that the ban order will be cancelled. However, this thing has not yet been given in writing to the concerned companies. At the moment it is not clear whether the ban will be removed from how many apps.
Information will go to platforms like Google
Sources said MeitY officials will inform app hosting platforms like Google to lift the ban and allow apps to run as usual. A source also said that this order came as a shock to many digital lending apps. Because many were following all the aspects. The startups presented their side to the authorities in the last two days and the ban order is likely to be revoked.
The Ministry of Electronics and Information Technology (MeitY) met several digital lenders on 8 February. This meeting was in relation to blocking the platforms present on their website and Google Play Store.
Let us tell you that a few days ago, MeitY had banned a total of 232 apps. There were 138 betting apps and 94 loan lending apps. The government had banned them for their involvement in betting, gambling and unauthorized loan service. These apps were operated by foreign entities including China. Names like LazyPay, IndiaBulls Home Loans and Kissht are included in the list of bans.
FIRST PUBLISHED : February 10, 2023, 17:43 IST