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Crisil withdraws proposal to enter P2P biz: Finmin

Press Trust of India  |  New Delhi 

Credit rating agency has withdrawan its application to enter peer-to-peer lending business, the Department of Economic Affairs said today.

DEA, in the ministry, also said it has disposed of six proposals aggregating to foreign investment of Rs 85.45 crore during September.

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, is a 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 proposals which have been cleared include that of Aashiyaan Housing and Development Finance, DEA said.

The firm got the DEA's nod for from Insitor Impact South Asia Pte Ltd, Singapore and Oikocredit Ecumenical Development Cooperative Society U.A, Netherlands to commence its operations as a micro housing company.

The proposal entails investment worth Rs 10 crore.

India Ports and Logistics has got approval for acquisition of additional stake of up to 70.40 per cent of India Ports and Logistics by Bollore Africa Logistics SAS. The proposal entails investment worth Rs 75.35 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 17:13 IST