It is said that a half-truth is more harmful than a lie. So, we must evaluate the reality behind any rumour or gossip to conclude. People are doing the same with the half-truth of Kissht Chinese nowadays. Earlier, there was a flood of rumours on social media when Meity banned a few lending apps saying they had connections with China.
The government of India is extremely concerned about fraudulent activities in the fintech sector that cause financial losses to digital customers in India. Therefore, the government instructed MeitY to conduct a regulatory compliance check among all leading players. When MeitY officials started conducting the background check, they found some China-origin apps operating for Indian apps. That’s where rumours like Kissht Chinese took birth. The investigating agency found that 94 lending apps had foreign links and were involved in unethical practices also. The government intended to consider the legality of these platforms, the validity of their licenses, and whether these platforms comply with RBI’s audits and inspections.
As soon as the Kissht app team noticed that it was banned due to false allegations like Kissht Chinese, the Kissht app’s co-founder Ranvir Singh instructed his team to approach MeitY to understand the concern. The team presented all legal documents to MeitY officials to clarify that they got all investments from legal business partners and have no connections with the Chinese-led company Fosun. All the documents provided by Kissht were true to every extent, and the app had noChinese connections. MeitY officials didn’t find anything suspicious, faulty, or misleading in the documents submitted by Kissht. All the papers were completely validated and proved that the platform is not violating any norms set by RBI.
Kissht had to face this ban only for a few hours. As soon as the MeitY officials verified the documents by Kissht, they immediately revoked the blocking orders. However, people still discuss rumours like Kissht Chinese without knowing that Kissht’s name was entered in the list due to similar-sounding app names.
Later, MeitY officials clarified in a statement that they’ve gone through conducting the regulatory compliance process and have banned a few lending apps. However, apps that are operating now are still credible and trusted for financial transactions. Therefore, all digital customers must continue transacting by staying alert to digital fraud to avoid financial losses.
Kissht is one of India’s best fintech solutions providers renowned for hassle-free instant personal loan facilities. It provides an instant personal loan of up to Rs. 2,00,000* for a repayment tenure of up to 36 months. The app focuses on constantly enriching the experience of digital borrowers by bringing tech-enabled innovations to its infrastructure. Hence, all our readers are also requested to act smarter to stay alert to social media gossip and rumours. Select a credible and trusted partner to stay yourself financially protected and get additional offers, discounts, and facilities while making digital transactions.
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