Mr Amit More, Founder and CEO, Finzy

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Amit More

With GDP growth slowing down to 6.80% and credit growth consequentially plummeting, it’s very important that this budget focuses on making funds available to Banks/NBFCs and MSME segment to spur capital expenditure and job creation. And in parallel increasing savings ratio and percentage of financial assets of individual investment portfolios.

We would urge Finance Minister to consider following to spur liquidity, savings and fixed income investments –

80TTA: To encourage investment in interest bearing instruments, this budget shall:
1. Increase the current limit of Rs 10,000 to Rs 50,000 per annum

2. Include all Interest income products to be part of 80 TTA viz. fixed deposits, recurring deposits, corporate bonds and P2P lending investments,

80C: To have an additional limit of Rs 1,00,000 over and above current Rs 1,50,000 for investment in fixed income instruments with lock in of 3 years for investment in NCDs, corporate deposits, P2P Lending, etc.

In addition, to promote financial inclusion, savings and investments through means of alternate finance industry, this budget should consider increasing the lending limits of Rs 10 lacs for P2P Lending industry.

FY 19 20 budget should consider:
1. Increasing investment limit of Rs 10 lacs to Rs 100 lacs for all non-regulated lenders

2. Removing limits for any entity regulated by Reserve Bank of India (RBI) or Securities Exchange Board of India (SEBI) from investing in loans originated by P2P Lending platforms.

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