The move will save 55m over five years which Mayor Sadiq Khan says can be used to protect front-line services.
The Santander Cycles scheme is being expanded after seeing “unprecedented demand” last month as Londoners sought new ways to get to work and the shops.
Under the terms of the funding package agreed with the Government, free travel for over 60s is to be restricted to non-peak hours in order to free up space for those unable to work from home.
Andy Byford has been named as London’s next Transport Commissioner by the Transport for London board and Mayor Sadiq Khan.
London’s emergence from the Covid-19 shutdown is to be shaped by two committees comprised of “senior leaders” from Government, City Hall and boroughs.