Crisil withdraws proposal to enter peer-to-peer lending business

New Delhi, Oct 10 (IANS) Ratings agency Crisil has withdrawn proposal to enter into peer-to-peer lending platform business while the government has approved Rs 85.45 crore foreign direct investment (FDI) proposals in September from four companies, the Finance Ministry said on Tuesday.

The proposal from Crisil on "undertaking peer-to-peer lending platform business by itself or through one of its subsidiaries" has been withdrawn, the Ministry's Department of Economic Affairs said in a statement.

Crisil's majority shareholder is international ratings agency Standard and Poor's, an American corporation.

The approved Rs 85.45 crore FDI proposals, include Rs 75.35 crore proposal of India Ports and Logistics for its additional stake of up to 70.40 per cent to be acquired by Bollore Africa Logistics Sas.

Another proposal of Rs 10 crore of Aashiyaan Housing and Development Finance was approved for foreign investments from Insitor Impact South Asia, Singapore and Oikocredit Ecumenical Development Cooperative Society U.A, Netherlands to commence its operations as a micro housing finance company in eastern India focusing on Tier II and Tier III towns and surrounding rural areas.

Moreover, Rs 5 lakh FDI proposals each of Principal Pnb Asset Management and Invesco Asset Management were also approved.

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