February 8, 2023

MeitY Bans 94 Loan Apps Including PayU, LazyPay, Kissht

Fathi Asharaf

India is moving to block 232 apps, some with links to China that offer loan services to prevent misuse of the citizens data.

Loan apps PayU's LazyPay and Kissht have been blocked following a notice from the Ministry of Electronics and IT.

These apps were found to violate Section 69 of the IT Act and contained material which was deemed as a threat to India.

All these apps financially strapped people in the debt trap, by upscaling the interest on loans by up to 3,000 per cent.

People working on these apps were mentally harassing loan bearers and also committed suicide because of the burden of loan.

The suicides were majorly from the borrowers who took loans from these applications in Andhra Pradesh and Telangana.

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Fathi Asharaf