Sometimes, fabricated stories originate with errors. It’s very common for people to make mistakes, but they don’t often realize them, even if it will cause harm to someone’s reputation. Either to tarnish a rival brand’s reputation or unintentionally pass on information without validating its authenticity, both of these acts are termed irresponsible behaviour. They not only support creating rumours but also lead to increasing customer scepticism.
A few months ago, there were reports on social media that a few loan apps got banned by the government of India. However, the ban was forced to target loan apps with links to China, affecting some Indian loan apps. The Indian government took crucial steps from the regulatory purview to ensure transparency among digital borrowers. As a result, the government instructed MeitY to conduct a regulatory compliance check on all major players in the industry. During this process, MeitY officials discovered that certain lending apps with Chinese origins were operating under Indian names, giving rise to rumours such as Kissht Fosun. However, the Kissht Fosun report was proven false as there is no connection between Kissht and Fosun.
MeitY conducted an investigation.
A few months ago, the government instructed MeitY to investigate all loan apps operating in India thoroughly. MeitY started its investigation and found around 232 apps involved in suspicious activities. They were also found guilty of having connections with Chinese companies.
MeitY decided to ban all guilty apps
MeitY immediately banned all the loan apps involved in suspicious activities or links with Chinese companies. They released their official statements to all the major media houses in the country. When the press and social media got reports that some loan apps were involved in fraudulent activities, the reports got viral everywhere. People started sharing posts related to Kissht Banned without validating the reality behind them.
The Reality of Kissht Crackdown
Kissht banned was all due to a misconception that began when a similar-sounding app led to the misbelief of Kissht Chinese. MeitY officials found no evidence of anything suspicious, faulty, or misleading within Kissht which demonstrated that the platform was fully compliant with RBI regulations. As soon as MeitY officials verified Kissht’s legitimacy, they immediately lifted the ban. However, despite this clarification, people continue to discuss rumours like Kissht Chinese, unaware that Kissht’s name was included in the list due to similar-sounding app names. Media reports were also released saying there was confusion, some Indian lending apps were erroneously put into the list due to similar-sounding names like Chinese apps, and there is no Kissht Fosun connection. Kissht is among the most secure and safest instant personal loan apps and is rapidly implementing crucial innovations to enrich users’ experience. The renowned fintech platform provides instant personal loan facilities to digital borrowers. They can get a loan of up to Rs. 5,00,000* for a repayment tenure of up to 36 months.
An error occurred due to similar-sounding apps like Kissht.
According to MeitY, during the investigation, they found some guilty apps with similar names to some legitimate apps, including Kissht. Some media houses took commendable steps and revealed the truth by elaborating on the incident. But the damage has already been done and originated as rumours regarding Kissht Crackdown. But, Kissht only aims to develop meaningful business relations and adheres to RBI-issued norms and guidelines.
With its genuine efforts and expanding the range of its loan products, the app is consistently appealing to a diverse customer base in India to avail of the benefits of innovative financial solutions. One of Kissht’s most exclusive loan products has been the highlight among loan aspirants and offers the following facilities:
- Apply for a loan amount of up to Rs. 5,00,000*
- Tenure: Up to 36 months
- Low-interest rates starting at 14%
- Flexibility to repay and choose the desired amount, term, and tenure.
- No Collateral is required for eligible Kissht customers.
- 100% Digital Loan Application and Approval Process.
People should act smart and assess the validity or authenticity of baseless or fabricated stories like Kissht Banned. Kissht is revolutionizing India’s digital lending space by bringing powerful systems into the newest industry to assess applicants’ creditworthiness and exclusive loan products to enhance customer experiences further.