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LazyPay banned

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simhapur

Fintech Kissht and PayU’s LazyPay are among the apps that India’s IT Ministry has blocked in the ongoing crackdown as New Delhi moves to curb the misuse of consumers’ data and protect the nation’s integrity.

https://techcrunch.com/2023/02...

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Commentator Commentator
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Good news

They were not closing my lazy pay account only

Now they will get close joy

Deal Lieutenant Deal Lieutenant
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I got it closed on this sunday only. They closed same day and gave noc

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Shopping Friend Shopping Friend
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Good. Last month only I closed my account.

Mobile Guru Mobile Guru
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Back to the usual business again. Whenever there's a crisis / bad PR, banning apps is the solution. 

The ministry’s move was prompted at the direction of the Ministry of Home Affairs, state-owned broadcaster Prasar Bharati said on Sunday. The apps sought to mislead customers into taking big debts without realizing the terms and there were concerns that they could be used as tools for espionage and propaganda.

All BS, another blind ban. NASPERS LTD, LazyPay/PayU's* parent company (SA Origin) got a significant stake in chinese tencent (Already banned in India)

Deal Major Deal Major
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they need to show that they are doing something for the citizens 

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Generous Generous
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Lazypay banned means my acc will be closed automatic? Or i need close

Deal Cadet Deal Cadet
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need close



but not posible to acces thare site and app
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Generous Generous
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Pay later thing was always fishy.. should do that with freecharge, amazons etc

Deal Subedar Deal Subedar
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For me still payu loan showing in credit score report complaint them many times but still showing.Also they didn't provide NOC

Deal Lieutenant Deal Lieutenant
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Got noc same day, said cibil update will take upto 90 days

Deal Lieutenant Deal Lieutenant
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What about the existing dues? Do we need to pay?

Pro DealBaba Pro DealBaba
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Enjoy 🤣

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Helpful Helpful
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Ah good riddance.

Had raised to RBI Ombudsman few days back regarding wrong reporting to credit rating agencies.

Helpful Helpful
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Dhani not banned yet? It should be banned

Comrade Comrade
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Mailed them so many times to close account but they don't close.

Deal Subedar Deal Subedar
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Lazypay pp is still available on play Store

Helpful Helpful
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Google received the order for banning (removing) approx 200 apps related to loan, online game gambling etc. from Play Store from MEITY.

Deal Cadet Deal Cadet
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How to close SI CREVA capital loan .. i think it came from ring app

Comrade Comrade
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Any update about uni?

Deal Subedar Deal Subedar
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One Card also started Onecash.

Helpful Helpful
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offer ke naam ke kata hai bus, never got razorpay cashback or any kind

Pro Analyst Pro Analyst
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Can you suggest a site where I can use LazyPay? I've around ₹200 Cashback lying idle there for last 3-4 months since the LazyCard was blocked.

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Mobile Guru Mobile Guru
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Now, this is getting interesting. RBI is now referring this as blind ban (Indirectly though), distancing itself from the actions taken by the ministry (Ref)

“We asked the NBFCs to give us a list of the apps they use for lending purposes. We have given that list to the government. And, the government has taken this step based on the list that we have provided,” said RBI Governor
Meanwhile, M Rajeshwar Rao, Deputy Governor, RBI, said, We have not suggested banning any digital lending apps. We have (only) shared with the ministry the list of apps that are used by entities regulated by RBI. The ministry, I think, has asked the play stores to remove apps that are not operated by entities regulated by RBI

Fun fact, PayU Finance (NBFC) is regulated by RBI. Idiots at Meity could've consulted RBI once before initiating the ban but then this isn't the first time

Generous Generous
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Sort of incorrect again. RBI has been involved in this for 4+ months now. RBI sent the list, MeitY asked playstores to remove app which are NOT on the list. Maybe you need to recheck your inferring capabilities.

The ministry has asked the play stores to remove apps that are not operated by entities regulated by RBI - M Rajeshwar Rao, Deputy Governor, RBI
(source)


Dot #1:
When such online frauds happen, the first and foremost point is to question the individuals getting duped. They should be reasonable and practical about such transactions and know what they are getting into. They need to be very cautious and alert. They cannot just give away their bank details and OTP to any random unknown person. Second, the moment it happens, they should report it to the cybercrime cell and file an FIR. If need be, they need to report a specific FIR against people involved in a fraud," says Abhishek Rastogi, partner, Khaitan and Co, a corporate law firm.
(source)

Dot #2:
According to the latest available data, between April 1, 2022 and November 30, 2022, 12,903 complaints were received against banks and non-banking financial companies (NBFCs) pertaining to digital lending apps and against recovery agents or harassment by recovery agents.
(source)

Dot #3:
In September, the finance ministry had said that the RBI would prepare a “whitelist” of all the legal apps and MeitY would ensure that only these are hosted on app stores.
(source)

Dot #4:
The finance ministry said that RBI had furnished a list of digital lending apps used by regulated entities (of RBI) to MeitY, which in turn, has shared the list with respective intermediaries (app stores). MeitY has requested these intermediaries to ensure that "only the apps figuring in the list" (which are used by regulated entities) should be hosted on their app stores.
(source)

I hope everyone can connect these 4 dots.

Fun fact, PayU Finance (NBFC) is regulated by RBI. Idiots at Meity could've consulted RBI once before initiating the ban but then this isn't the first time

Not correct, again. 'PayU Finance' is NOT regulated by RBI, 'PayU Payments' is. Both are different companies, although with same parent I would believe. And loans on Lazypay are provided by PayU Finance, not PayU Payments.

List of RBI approved entities

In fact, even PayU Payments's license is currently in question too - sort of partial ban as well, no new merchants allowed to onboard, but has been provided a grave period to reapply, and they've 3 months to reapply.
(source)


And why did it happen? Complex corporate structure of PayU, which also explains difference between 'PayU Payments' and 'PayU Finance'. On PayU's own website, they clearly mention that PayU Payments may share data with PayU Finance. See point 6.2 here PayU Privacy Policy

Now PayU Finance could be group company of PayU Payments, one can think. But in that case, point 6.2 would not be needed as that case would be covered in point 6.1 itself, where PayU Payments says that they'll share data with affiliates and group companies.

So you might want to question yourself about that idiot thing buddy. Also, I don't know if this was the first time of MeitY or not, but definitely not the first time for Lazypay (PayU) as Lazypay app was removed from playstore in Jan 2021 as well as it did not comply with RBI regulations.
(source)

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Pro Analyst Pro Analyst
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I've ₹200 Cashback lying idle since last 3-4 months. Any suggestion how and where to use it?

Helpful Helpful
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I never gave PAN card to them, I was using 2k limit...

hope I don't have to worry with closure right?

Benevolent Benevolent
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Lazypay Unbanned.... Again Open On Play Store...

Deal Newbie Deal Newbie
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Is this news verified?

Mobile Guru Mobile Guru
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It was a blind ban and this suspension only lasted couple of days

Sad part is there's no apology from MeitY (Many rushed to close their PayLater/Loan lines after reading this news) but instead a fake narrative (Missing information) has been created

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.

MeitY only wants apps not run by regulated firms removed: RBI Dy Governor | Business Standard News (business-standard.com)
PayU's LazyPay, KreditBee, Kissht restored as MeitY lifts ban on select digital lending platforms

Deal Cadet Deal Cadet
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How to close Lazypay paylater account??

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