Credit rating agency Crisil has withdrawan its application to enter peer-to-peer lending business, the Department of Economic Affairs had announced recently. DEA, in the finance ministry, also said it has disposed of six FDI proposals aggregating to foreign investment of Rs 85.45 crore during September
DEA, in the finance ministry, also said it has disposed of six FDI proposals aggregating to foreign investment of Rs 85.45 crore during September.
Crisil has withdrawan the proposal for “undertaking peer-to-peer lending platform business by itself or through one of its subsidiaries”, DEA said in a statement without assigning any reason. Majority owned by S&P Global Inc, Crisil is an analytical company providing ratings, research, and risk and policy advisory services.
A lender on peer-to-peer platform, a form of crowd funding to raise loans, cannot have exposure of more than Rs 10 lakh as loan, while a borrower cannot also have debt exposure by the same quantum. The FDI proposals which have been cleared include that of Aashiyaan Housing and Development Finance, DEA said.
Source: The Times of India