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To give a boost to the P2P (peer-to-peer) lending industry, the Centre must allow tax breaks for lenders who are coming to such platforms.
This was suggested by a representative of the India Fintech Forum at a recent meeting on start-ups chaired by Commerce and Industry Minister Suresh Prabhu in the Capital.
Prabhu, who is also holding additional charge as Aviation Minister, heard the policy concerns of start-ups from four areas — fintechs, e-pharmacies, drones and oil/fuel retailing. This was the first of its kind interaction that Prabhu held with start-ups and new-age industry representatives
“We have requested the Commerce and Industry Minister to take up the case of allowing tax breaks for lenders participating on P2P platforms,” Shankar Vaddadi, Founder & Director, i-Lend, a P2P player, told BusinessLine after the meeting.
Vaddadi represented the India Fintech Forum. It may be recalled that the year 2017 was a milestone year for the P2P lending industry, with the RBI issuing guidelines in October.
The new RBI regulations are expected to help P2P lending companies break into the mainstream financial services market and make it easier to attract investments.
India’s P2P lending industry is very young and small, compared to the rapid strides made by China.
“We expect the Indian P2P lending industry to grow into a $20-billion industry in the next decade,” Vaddadi said, adding that there is both a business and a social case for this industry to prosper and grow.
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