Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • PM Modi in Manipur
  • Charlie Kirk killer
  • Sushila Karki
  • IND vs PAK
  • India-US ties
  • New human organ
  • Downton Abbey: The Grand Finale Movie Review
fp-logo
Budget 2022: Make investments in P2P lending tax-free to solve ‘access to credit’ challenge
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Budget 2022: Make investments in P2P lending tax-free to solve ‘access to credit’ challenge

Budget 2022: Make investments in P2P lending tax-free to solve ‘access to credit’ challenge

Bhavin Patel • January 31, 2022, 23:35:32 IST
Whatsapp Facebook Twitter

Union Budget 2022-23: FM must come up with a policy framework to protect lenders’ interest and  enhanced procedural aid to recover their money from digital borrowers

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Budget 2022: Make investments in P2P lending tax-free to solve ‘access to credit’ challenge

In last year’s Budget, the finance minister announced pillars on which the proposals would be based – creating financial capital, improving human capital, kickstarting innovation and R&D, etc., to name a few. As the COVID-19 pandemic is crawling its way back into the lives of Indian citizens, the Union Budget 2022-23 is an opportunity to streamline various sectors that need the government’s attention. Though 2021 was a positive year where we witnessed a steady recovery despite the pandemic, we expect the measures to sustain the growth momentum of the fintech industry to be part of Finance Minister Sitharaman’s budget bag.

STORY CONTINUES BELOW THIS AD

Since the Reserve Bank of India has created a new department to regulate and oversee fintech companies, there’s a good possibility that the government will emphasize the sector in Budget FY22-23, providing incentives that could help the industry usher into a “FinTech Revolution”. The fintech sector can promote financial inclusion and generate significant employment opportunities with suitable measures. Within the fintech industry, Peer-to-Peer (P2P) Lending has an enormous potential to expand as a vital part of the sector, with more encouraging steps to invest in it. P2P lending space can solve the concerns of credit accessibility for the country’s citizens.

More from Business
Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

Encourage investors to invest in tech-backed asset class

One way of doing that would be, the returns from Peer-to-Peer (P2P) Lending investments could be tax-free under Section 80C of the Income Tax Act, or special provisions could be introduced to lower tax rates, such as a tax exemption for earnings under Rs 20,000. It will encourage investors to invest in a technology-backed asset class that offers better returns when compared with traditional assets. Additionally, it would increase the purchasing power capacity of individuals and fulfill one’s dream or get access to funds during emergencies. In India, P2P lending is emerging as a crucial segment to empower small enterprises. Further, the sector will witness accelerated growth that contributes to the country’s economy.

The formation of the fintech department by RBI is a positive move. We wish the Budget comes up with a policy framework to protect the lenders’ interest and enhanced procedural aid to recover their money from digital borrowers. A specialized government vehicle to manage fintech might not only help companies run more efficiently while adhering to compliance rules, but it could also assist fraudsters to be eliminated and boost investors’ confidence.

Impact Shorts

More Shorts
Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Need for technical, financial competence through educational institutes

There were significant job losses during the pandemic. The primary reason was various industries’ inability to keep up with the evolving technology. In India, fintech education is the need of the hour. The government has been spreading awareness about the technology skill-building initiatives, which is a significant step, but it will positively impact our economy if additional actions are taken. Setting up avenues for advanced technical education is necessary to affect the employability of the country’s population. Presently, India requires professionals with technical and financial competence to conduct the Fintech revolution. More institutions that provide formal education and certifications in fintech are needed to create a skilled group of individuals required to grow P2P lending platforms and the other sub-sectors in the Fintech industry.

STORY CONTINUES BELOW THIS AD

P2P lending, as a significant component of the larger finfech sector, is quickly becoming the most popular alternative investment option. There is a need for policy to help the industry evolve and more innovative fintech enter the space of digital lending or P2P lending.

Treat fintech, startups equally in policy framework

Fintech firms and other startups should be treated equally in the policy framework. Sharing technological advancements with fintechs and startups can help to accelerate the objective of financial inclusion. These are only a few of our expectations from the upcoming budget, and now it’s up to policymakers to develop a practical growth and development strategy. Until then, we wait until February 1 with great anticipation.

_The author is Co-founder and CEO of LenDenClub-_Peer to Peer (P2P) lending platform. Views are personal.

Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

Tags
Budget Union Budget Budget expectation Budget Live Union Budget Live Indian Budget budget live streaming. income tax slab Budget news nirmala sitharaman budget budget 2022 23 budget 2022 Union Budget 2022 Personal finance sector 2022 Startup sector 2022 Banking and finance sector 2022 Budget news and updates 2022 Union Budget news 2022 Union Budget 2022 Budget Union Budget 2022 23 union budget 2022 date india budget 2022 date Indian Union budget 2022 union budget 2022 highlights union budget 2022 23 pdf budget 2022 date union budget 2022 pdf budget 2022 pdf highlights of budget 2022 defence budget 2022 budget updates 2022 budget 2022 highlights india budget 2022 tax slab live budget 2022 time budget time today budget 2022 live updates todays budget tax slabs in new budget budget 2022 live Budget 2022 Expectation Banking and Finance 2022
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.

More Impact Shorts

Top Stories

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV