P2P lenders ask govt to relax credit norms; Uber restructures India operations

An industry body for peer-to-peer (P2P) lending platforms has approached the government to relax credit norms for the sector. Ride-hailing major Uber has brought in its India-based business under Uber India Systems.

Industry body for P2P lenders approaches FM to discuss credit rules

An industry body for peer-to-peer (P2P) lending platforms has approached the government to ask for relaxed credit norms for the sector, The Economic Times reports.

The association for NBFC peer-to-peer lending platforms has asked for a meeting with finance minister Nirmala Sitharaman to explain the sector’s potential and show how current regulations have curbed growth, the report said.

P2P lenders reportedly want to discuss the Steering Committee’s report on fintech, which was released on September 2, 2019.

The call for a meeting with the finance minister is one of P2P lenders’ attempts to get the central bank to increase the limit that lenders can put into the P2P space. The industry body had even written to the reserve bank of India a couple of months ago, the report added.

The P2P lending space has been active for a few years now, but the RBI started regulating it only in 2017. Many startups received a non-banking finance company or NBFC-P2P license last year, the ET report added.

Uber unveils India-based business 

Ride-hailing major Uber has brought in its India-based business, including food delivery, under Uber India Systems, The Economic Times reports.

Earlier, Uber’s rides business and food delivery arm was a part of Uber BV, a private limited liability company registered in the Netherlands, the report stated.

The restructured operations went live on October 1. Also, Uber’s India chief Bhavik Rathod and head of central operations Deepak Reddy have resigned from the company, the report added.

In April, Uber’s Asia Pacific region head Amit Jain had resigned from the company.

In March, it had roped in former Axis Bank executive Manisha Lath Gupta as the head of marketing for its India operations.