India’s IT ministry has lifted bans on seven well-known lending apps, including PayU’s LazyPay, Kissht, KreditBee and Indiabulls Home Loans, according to a person familiar with the matter. Recent Quarters.
On Friday, the IT department also lifted the ban on BuddyLoan and Faircent, according to a copy of the order seen by TechCrunch. The ban was lifted after companies justified not having Chinese influence on the cap table, the person said.
India has pushed to ban more than 90 lending apps in recent weeks to protect the country’s integrity and curb China’s influence in South Asian markets, state broadcaster Prasar Bharati said. .
The IT ministry is concerned about the past and present presence of Chinese investors in the cap tables of some of India’s lending apps, officials said, TechCrunch reported earlier this week.
Another concern is the growing number of reports of cybercrime linked to China. The Ministry of Home Affairs has received reports of criminal activity involving a Chinese company that uses APIs to access Indian lending apps and obtains and stores data of Indian consumers abroad, the ministry said. TechCrunch previously reported.
