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Small Industries Development Bank of India (Sidbi), the lender to micro and small enterprises (MSEs), has set a credit disbursement target of Rs 55,000 crore in 2015-16.
"We offer credit both through direct and indirect financing. This fiscal, we are looking at credit disbursement of Rs 55,000 crore," said Kshatrapati Shivaji, chairman and managing director (CMD) of Sidbi.
Asked if Sidbi would raise funds from the market in this fiscal, he said, "We raise money from the market as and when required depending on requirement for different schemes." Shivaji was speaking at the sidelines of an interactive workshop here on 'MUDRA (Micro Units Development & Refinance Agency): Funding the Unfunded'.
Presently, Sidbi is offering credit under various government subsidy schemes like Technology Upgradation Fund Scheme (TUFS), Credit Linked Capital Subsidy Scheme, Integrated Development of Leather Sector Scheme and Technology & Quality Upgradation Support to MSEs.
Speaking at the workshop, Shivaji said MUDRA has already started operating from the Sidbi headquarter. A core group has been constituted for drafting the MUDRA Bill, he added. Initially, MUDRA would function as the subsidiary of Sidbi.
MUDRA would cover all loans for non-farm sector income generating activities to MSEs with credit need below of Rs 10 lakh. All banks, be they private, public sector or regional rural banks, non-banking financial companies (NBFCs) and micro finance institutions (MFIs) can be the partners to MUDRA Bank. "Till date, 117 banks, NBFCs and MFIs have been found eligible to partner MUDRA. General refinance agreement has been signed with two of them," Shivaji informed. A minimum of 20-30 per cent of the total loan requirement woud be provided through MUDRA Card. "We have requested Nabard (National Bank for Agriculture & Rural Development) to co-brand the Swarozgar Credit Card with MUDRA Card," said Sidbi's CMD. Announced as part of the Union Budget 2015-16, the MUDRA Bank will have a corpus of Rs 20,000 crore and a credit guarantee corpus of Rs 3,000 crore.
