Tag: MSME

How SBI is readying a big SME lending push, grow loan book to Rs 4 lakh crore, BFSI News, ET BFSI

Banking & Finance

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After crossing Rs 5 lakh crore in home loans, State Bank of India has set a similar target for the small and medium enterprises (SME) segment.

The bank plans to increase its SME market share to t 20% from 15% at present and grow its loan book to Rs 4 lakh crore in three years, according to a report.

How the bank plans to do it

State Bank of India plans to revamp its entire operational setup for lending to micro, small and medium enterprises to improve turnaround time and customer experience while keeping bad loans under a lid. It is seeking bids from consultants for the process.

In the request-for-proposal (RFP) dated March 26, the bank said “With the objective of becoming banker of choice for MSMEs, SBI intends to improve existing processes and structure in the SME space for achieving improvement in market share/enhance the portfolio while ensuring the asset quality,” SBI said.

The document said that the bank is looking to increase its market share in this category from 15%.

The bank wants to increase onboarding in its Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), which is seeing poor offtake and high non-performing assets. It is looking to develop analytics tools to generate supply chain financing business from its existing current account (CA) base.

The segments

The bank lends to MSMEs under four verticals — SME Centre and relationship managers, supply chain finance, CGTMSE and cluster financing.

According to the RFQ, for the supply chain finance (SCF) vertical, SBI is looking to benchmark current dealer/vendor financing SCF journeys with global players and identify gaps. It wants to develop value chain analytics capabilities, including an analytics framework on the lack of transaction flows of the existing current account base to generate leads for vendor and dealer onboarding.

For the CGTMSE segment, the bank wants to under the reasons for the poor offtake of schemes and is seeking remedial measures. It wants to identify deficiencies while onboarding that could hurt asset quality.

At the SME centre, the bank is looking to identify gaps in the end-to-end process of loan origination, sanction and monitoring and propose changes in process flow and end-to-end digitisation specific to loans up to Rs 1 crore. It wants to reduce the turnaround time and improve on-boarding. To enable the relationship manager (RM), the bank wants to benchmark the digital offerings of RMs of peers and identify areas of data obtention that can be digitised and centralised.

In cluster financing, the bank wants to build a coordination mechanism with various government agencies for increased thrust in the cluster portfolio. The bank is also looking at tie-up with new fintech firms.

SBI has 1,770 relationship managers to cater to the MSME segment. It has more than 1,100 specialised SME intensive and MSME branches.

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PayPal, FlexiLoans.com partner to offer MSMEs, freelancers collateral-free loans

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MSME-focused digital lending platform FlexiLoans.com on Tuesday announced its partnership with PayPal, a leader in digital payments, to provide freelancers, women entrepreneurs, sole proprietors, and MSMEs collateral-free business loans.

Through this partnership, PayPal further reiterates its commitment to democratise access to financial services by bringing its global best practices and credit solution capabilities to Indian merchants who sell cross-border using PayPal, a joint statement said.

Also read: PayPal to hire 1,000 engineers for its India Development Centres

PayPal with FlexiLoans.com will aim to offer MSMEs with working capital for business expansion, purchasing stock, inventory, and other business-related expenditures.

The partnership will enable borrowers to access term loans from ₹50,000 up to ₹1 crore through a fast, hassle-free process that requires minimum documentation to merchants across 1,500-plus cities and towns in India.

The loan tenure will range from six months to 36 months, it was stated.

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Experts believe prepacks will expedite insolvency resolution as govt readies move, BFSI News, ET BFSI

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The government is finalising a pre-packaged insolvency resolution process in anticipation of the rise in bankruptcies due to the pandemic.

According to reports, the government is likely to start with micro, small and medium enterprises as it sees a rise in bad loan cases with the lifting of suspension on insolvency proceedings against Covid-related defaults last month.

“Govt is working with regulators to bring out pre-pack and other resolutions of MSME and other sectors. A lot of work in progress has been already achieved, it is only when some part of implementation issues has been watched closely, so once the whole mechanism is in the market, it is well accepted by the market, Pawan Kumar, Deputy MD, IIFCL, said.

As bad loans are feared to top 13.5% of total advances due to the pandemic such a move has become urgent, experts said.

Under the pre-packaged process, main stakeholders like creditors, shareholders and the existing management or promoter can come together to identify a prospective buyer and negotiate terms of a resolution plan, before submitting it to NCLT for formal approval.

In the Budget for 2021-22, Finance Minister Nirmala Sitharaman said the government will introduce alternative methods of debt resolution and a special framework for micro, small and medium enterprises.

What experts say

Experts say it will help expedite the resolution process for stressed assets as well as reduce the number of insolvency-related cases before the National Company Law Tribunal (NCLT).

“It’s time for the prepack. Prepack is the way to go if you want to preserve the asset (value). If you want to create a very effective remedy outside NCLT…,” Nishant Singh, Partner at Indus Law, said.

Pre-pack has to be at the forefront and also with some other mechanism on the forefront of the resolution of the insolvency and bankruptcy cases, said Ashok Haldia, Chairman, Governing Board Indian Institute of Insolvency Professional of ICAI.

“IBC has been the main law for the resolution of insolvency. Any forward-looking economy, any forward-looking industry or business scenario would see IBC is a matter of last resort, rather than the first legislator or framework to address there has to be an alternative mechanism rather than what we have been discussing all along be pre-pack as an alternative mechanism,” he said.

Lack of buyers

Nishant Singh of Indus Law said that the availability of resolution buyers could be a challenge in today’s stressed market situation, emphasising that the government needs to further encourage foreign players in view of their participation.

“Right now they (foreign players) have limited access through ARC (Asset Reconstruction Company) or FPI (Foreign portfolio investment) to actually participate…We have a massive debt which is under default or going to be the default and foreign investors are not able to participate (much), we are blocking massive liquidity coming into the Indian market which can really help to resolve these assets,” Singh said.

NCLT Infrastructure

Another challenge for the resolution under the IBC framework could be the lack of infrastructure, Singh said. Already, India is witnessing a pile of litigation cases at its courts, he said, adding “The courts will need to figure out how they will increase the capacity in the stipulated amount of time.”

“There has to be a process to make sure when there is a flood of these cases then we should prioritise the admission process so that the corporate debtor who needs immediate protection, gets that protection and the process gets jump-started,” he said.



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IBC is less of resolution and more of liquidation, BFSI News, ET BFSI

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Bankers feel that they are not getting a good price under the Insolvency and Bankruptcy Code, which has seen dismal recoveries in many cases.

“IBC is not the right solution. It is a resolution tool. If there is no resolution, automatically it goes to liquidation. That is a big problem. Resolution can be made if the underlying business is robust, says Siby Antony, chairman of the ARC Association of India.

He says banks feel that they are not getting the right price in IBC.

“Alok Industries was thought to be a very good asset but went for 17%. Binani Cement, Essar Steel were robust businesses and saw interest from strategic investors. But there are hundreds of assets where there is no interest from investors. These are smaller assets,” he said.

The status of IBC cases

Out of the total 3,774 cases or corporate insolvency resolution processes (CIRPs) filed since the Insolvency and Bankruptcy Code (IBC) came into existence in 2016, 1,604 cases, or 43 percent have closed, by way of resolution, liquidation or other means. The rest 57 percent are ongoing with many overshooting the 330-day maximum time limit.

Of the 1,604 closed cases, only 14 percent have found a resolution, whereas 57 percent have ended in the liquidation of the companies.

Interestingly, the 72% cases of CIRPs ending in liquidation were already defunct and under the Board for Industrial and Financial Reconstruction.

About 312 cases have been closed on appeal or review or settled, 157 have been withdrawn; 914 ordered for liquidation and 221, saw approval of resolution plans.

The recovery rate for resolved cases under IBC is 44% with Rs 1.84 lakh crore recovered so far of the Rs 4.13 lakh crore admitted claims.

In case of the 12 large defaulters identified by RBI, the creditors recovered Rs 1.36 lakh crore from eight cases that have been resolved so far, with recoveries ranging from as low as 17 percent of claims in the case of Alok Industries, to almost 100 percent for Jaypee Infratech.

N Kamakodi, MD & CEO of Citi Union Bank said he preferred the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFESI) over IBC.

“Since our focus is more on SME lending, we have control over the assets of the borrower. Hence, most of our resolution plans are through SARFAESI action more than the IBC.”

He added, “What is more important is whether the borrower has the skin in the game. When you want to sell it as a going concern and when there is a sufficient value, then IBC is preferable. But if the borrowers’ skin in the game is less, then the SARFAESI is a better option.”

The delays in NCLT

The 221 CIRPs that saw resolutions took an average of 375 days for the conclusion, exceeding the maximum 330 days permitted. The 914 cases under liquidation took on an average 309 days for the conclusion.

As on September 30, 2021, out of the 1,942 ongoing insolvency resolution cases, as many as 1,442 have been stretched beyond 270 days, while 349 such cases have been pending for periods of more than 180 days but less than 270 days.
As on September 30, 2021, out of the 1,942 ongoing insolvency resolution cases, as many as 1,442 have been stretched beyond 270 days, while 349 such cases have been pending for periods of more than 180 days but less than 270 days.

As on September 30, 2021, out of the 1,942 ongoing insolvency resolution cases, as many as 1,442 have been stretched beyond 270 days, while 349 such cases have been pending for periods of more than 180 days but less than 270 days.

Recently, the National Company Law Appellate Tribunal (NCLAT) directed to initiate the liquidation process of edible oil company K S Oils Ltd and set aside an NCLT order passed against it. Terming it “unfortunate”, the appellate tribunal observed that even after the lapse of 981 days and repeated compliance by the Resolution Professional to initiate the liquidation process, the NCLT had not considered it.

Leading bank State Bank of India, one of the Committee of Credit (CoC) Member, on behalf of joint lenders forum who collectively holds 76.53 per cent had moved NCLAT based on which the appellate tribunal had on November 18, 2019, directed lenders to consider revised plans if any within two weeks and directed NCLT to pass appropriate order in accordance with the law.

Bad bank challenge

The government is planning to set up a bad bank and an asset management company (AMC). Loans greater than Rs 500 crore which have not been declared fraudulent will be transferred to the bad bank. It is likely that the assets would not be subjected to IBC in the first instance, and the AMC will first try and revive these companies or package the loans to an investor.

Bad Bank
Bad Bank

Also, creditors of several companies had signed the Inter Creditor Agreements (ICA) and may continue negotiation under the framework roping in distressed asset investors. Also, most of the ICA cases will have loans greater than Rs 500 crore, which will be transferred to the bad bank. MSME will be outside the scope of IBC pending notification of the designated framework.



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HDFC Bank’s MSME book grows 30% to cross ₹2-lakh cr

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HDFC Bank’s MSME book grew 30 per cent year-on-year to cross the ₹2-lakh-crore-mark as of December-end, mainly boosted by the pandemic-induced ECLG scheme under which it disbursed over ₹23,000 crore.

The growth is also driven by a renewed push towards customers in semi-urban and rural areas, the bank said.

In December 2019, the bank’s MSME book stood at ₹1.4-lakh crore. This grew by over 60,000 crore, or 30 per cent, to ₹2,01,758 crore by the December 2020 quarter, giving it a 10.6 per cent share system-wide MSME lending, becoming the second-largest lender in this segment after State Bank of India, the bank added.

“Our MSME lending is back to pre-pandemic levels, with loan book growing at 30 per cent year-on to ₹2,01,758 crore as of December 2020 quarter,” said Sumant Rampal, Senior Executive Vice-President, Business Banking and Healthcare Finance.

“While the ECLG scheme was the biggest driver, boosting the loan book by ₹23,000 crore disbursed to around 1,10,000 MSME customers, our own renewed push towards customers in semi-urban and rural areas also helped us during the pandemic, leading to an incremental loan growth of over ₹60,000 crore,” he said, adding most of the ECLG disbursals took place only in the past three to four months.

At 30 per cent loan growth, the MSME book is the fastest-growing vertical for the bank.

“This is a testimony to our commitment to strengthen the MSME sector that accounts for about 30 per cent of GDP and the largest employer,” said Rampal.

ECLGS scheme

The government launched the third version of the ₹3-lakh crore emergency credit line guarantee scheme (ECLGS) last November for MSMEs, following the KV Kamath committee report.

On Thursday, Union MSME Minister Nitin Gadkari told Lok Sabha that banks and other financial institutions have cumulatively sanctioned ₹2.46-lakh crore of the ₹3-lakh crore scheme, while disbursal stood at a low ₹1.81-lakh crore as of February 28, according to the data from the National Credit Guarantee Trustee Company, which is the implementing agency of the ECLGS.

The scheme comes with a 2 per cent interest subvention and is of five-year tenor, of which, the first year gets a payment moratorium.

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HDFC Bank’s MSME book grows 30% to cross Rs 2 trillion-mark, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: HDFC Bank‘s MSME book grew 30 per cent year-on-year to cross the Rs 2-lakh-crore-mark as of December-end, mainly boosted by the pandemic-induced ECLG scheme under which it disbursed over Rs 23,000 crore. The growth is also driven by a renewed push towards customers in semi-urban and rural areas, the bank has said.

In December 2019, the bank’s MSME book stood at Rs 1.4 lakh crore, which has grown by over 60,000 crore or 30 per cent to Rs 2,01,758 crore by the December 2020 quarter, giving it a 10.6 per cent share system-wide MSME lending, becoming the second-largest lender in this segment after the State Bank of India, the bank added.

“Our MSME lending is back to pre-pandemic levels, with loan book growing at 30 per cent year-on to Rs 2,01,758 crore as of the December 2020 quarter,” Sumant Rampal, senior executive vice-president, business banking and healthcare finance, at the bank told on Friday.

“While the ECLG scheme was the biggest driver boosting the loan book by Rs 23,000 crore disbursed to around 1,10,000 MSME customers, our own renewed push towards customers in semi-urban and rural areas has also helped us during the pandemic, leading to an incremental loan growth of over Rs 60,000 crore,” he said, adding most of the ECLGS disbursals took place only in the past three-four months.

At 30 per cent loan growth, the MSME book is the fastest-growing vertical for the bank. “This is a testimony to our commitment to strengthen the MSME sector that accounts for about 30 per cent of GDP and the largest employer,” Rampal said.

The government launched the third version of the Rs 3-lakh crore emergency credit line guarantee scheme (ECLGS) last November for MSMEs, following the KV Kamath committee report.

On Thursday, Union MSME minister Nitin Gadkari told the Lok Sabha that banks and other financial institutions have cumulatively sanctioned Rs 2.46 lakh crore of the Rs 3 lakh crore scheme, while disbursal stood at low Rs 1.81 lakh crore, as of February 28, according to the data from the National Credit Guarantee Trustee Company, which is the implementing agency of the ECLGS.

The scheme comes with a 2 per cent interest subvention and is a five-year tenor of which the first year gets a payment moratorium.

“Our MSME portfolio is geographically balanced spread across all metropolitan cities, urban, semi-urban and rural regions. And we reached out to them with a suite of customised products which they could access conveniently either through physical or electronic channels,” said Rampal.

The bank offers a range of services to MSMEs, ranging from conventional working capital/term loans, structured cash flow management and financing solutions, trade financing solutions, forex services, individual banking needs of promoters and family, salary accounts plus advisory on investment banking.

Its MSME portfolio is spread across sectors like textiles, fabrication, agri-processing, chemicals, consumer goods, hotels & restaurants, auto components, pharma and the paper industry, and also include the entire selling chain ranging from wholesalers, retailers, distributors, stockists and supermarkets, he said.

On Q4, Rampal refused to share numbers citing the Nasdaq silent period, just saying my team is busy at work and pointed to the large market of 6 crore registered MSMEs, but only 1.2 crore of them borrowing even after all the push by the government and the Reserve Bank.

He said of their 5,500 branches, 1,800 of them have more than 25 per cent of their loans to MSMEs and 4,800 units service this segment of customers. Geographically speaking, the bank is present in 630 districts, of these, 560 districts have MSMEs.

There is no concern on the asset quality front for the bank, which has a history of having the lowest NPAs in the system. In December 2019, the MSME bad loans for the bank were just 0.48 per cent and Rampal said, anyway currently the entire ECLGS book is under mandatory moratorium.

He said, the services industry is still facing challenges and expressed apprehension about the second wave of the pandemic.



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FICCI-IBA survey, BFSI News, ET BFSI

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Asset quality of banks, which saw some improvement in the second half of 2020, is likely to worsen during the first six months of 2021, according to a survey.

The findings are part of the 12th round of bankers‘ survey carried out by FICCI-IBA between July and December 2020.

The survey was conducted on 20 banks, including public sector, private sector and foreign banks, representing about 59 per cent of the banking industry, as classified by asset size.

In the current round of the survey, half of the respondent banks reported a decline in NPAs during the second half of 2020. About 78 per cent of participating state-run banks have cited a reduction in NPA levels.

“However, in terms of outlook, nearly 68 per cent of respondent bankers expect the NPA levels to be above 10 per cent in the first half of 2021,” the survey showed.

Close to 37 per cent of respondents expect NPA levels to be upwards of 12 per cent.

The Reserve Bank of India’s Financial Stability Report, released in January this year, showed that gross non-performing assets (NPAs) of banks may rise to 13.5 per cent by September 2021, under the baseline stress scenario.

Some of the high NPA risk sectors identified by majority of respondent bankers in the current round of survey include tourism and hospitality, MSME, aviation and restaurants, the survey showed.

Around 55 per cent of respondents believe NPAs to rise substantially in the tourism and hospitality sector, while another 45 per cent reported that NPAs are likely to increase moderately in this sector.

Another high NPA risk sector reported in the current round of survey is the MSME sector, with 84 per cent respondents expecting an increase in NPAs in this sector.

Close to 89 per cent respondents also expect the restaurant sector to see an increase in NPAs, though only 26 per cent expect NPAs to increase substantially in this segment, it showed.

The survey revealed that there was a significant increase in the requests for one-time restructuring for MSMEs, announced by the RBI in August last year.

“An overwhelming 85 per cent of the respondent banks have cited an increase in requests for restructuring of advances as against 39 per cent in the last round,” it said.

The long-term credit demand has been growing for sectors such as infrastructure, pharmaceuticals and food processing, the findings showed.

“Particularly for the pharma sector, 45 per cent of the respondents have indicated an increase in long term loans in the current round of survey as against 29 per cent in the previous round,” it showed.

Over half of the respondents indicated that they did not avail funds under on-tap targeted long-term repo operations (TLTRO) while about 33 per cent said that TLTRO funds were deployed completely in securities issued by NBFCs/ MFIs, the survey showed.



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Bank of Baroda bets on new digital platform to expand retail lending, BFSI News, ET BFSI

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State-owned Bank of Baroda (BoB) is making a bold move to expand its retail lending through a self made digital lending platform which assesses credit risk through varied public and private data points like bank account statement, tax statements and consumption trends.

Akhil Handa, head fintech and digital lending said the bank has already disbursed Rs 1000 crore through this new platform since it was launched at the end of November and expects half of the bank’s retail loans to be originated through this platform by the end of the fiscal ended March 2022.

BoB has offered 1.25 lakh loans so far, roughly 80% od which are personal loans. The personal loans are capped at Rs 50,000 and are currently offered to only the bank’s customers. Handa said BoB plans to increase the maximum ticket size to Rs 2 lakh and also offer the loans to non customers of the bank before the end of the month.

“The programme was targeted to a very narrow base when it was launched. We have 14 crore liability customers which we could look at by using their vintages like screens, balances and churns. We have now seen repayments in it for three to four months and it gives the confidence that its working fine. Of course we still have to season it but we are at a level that can be scaled up further,” Handa said.

The bank will use over 1200 data points and a 100 digital documents like income proofs, income tax returns and a bank statement which is mandatory.

“There are 50 external integrations like utility bills, mapping addresses and 50 internal integrations including fraud reports that we have done to built a data profile around the customer….It is a risk based dynamic approach…not everyone will be requested for everything…bank account statement will give us a purchase history, income profile, ability to repay…if I am unable to built some of those I will ask for more,” Handa said claiming that BoB is the first to use a completely digital lending for new to bank customers.

BoB’s push into retail comes even as the job and salary cuts caused by the Covid-19 pandemic has increased fears of loan defaults especially in the uncollateralised personal loans.

BoB CEO Sanjiv Chadha himself had warned about rising stress in retail and micro, small and medium enterprises (MSMEs) in a conference call following the bank’s third quarter results.

However, Handa the bank’s experience in the last three months makes him confident of these loans.
To be sure at just Rs 1000 crore the current loan book build through this platform is just above 1% of its Rs 1.16 lakh retail loan book.

However BoB also plans to launch new digital lending products for MSMEs over the next one month including loans up to Rs 10 lakh under the Mudra scheme and also gradually move all yearly MSME renewals online.

“We expect 50% of our retail origination and 25% to 30% of SME loans by amount to happen digitally by FY22,” Handa said. Currently about 18% of retail loans are done through this platform.

BoB’s move comes even as RBI has clampdown on non bank digital lending platforms cautioning the public against the use of “unauthorized” lending apps and reiterating that only RBI licensed banks and NBFCs can participate in lending activities.



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Kinara Capital get $10 mn funding from IndusInd Bank; also 100% guarantee from US Int’l DFC

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Kinara Capital on Monday announced securing $10 million from IndusInd Bank with a 100 per cent guarantee from the US International Development Finance Corporation (DFC).

“This is part of a debt and equity round of ₹100 crore, with equity contributions coming from Kinara’s existing investors — Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF) and Patamar Capital,” it said in a statement.

The investment will be used by Kinara Capital towards the expansion of MSME financial inclusion across manufacturing, trading, and services sectors in India.

The fintech is focussed on financial inclusion and has disbursed ₹2,000 crore across over 56,000 collateral-free small business loans.

“The special $10-million investment for onward lending to small business entrepreneurs will be deployed over five years from IndusInd Bank’s Impact Investing division with full backing from DFC,” it further said.

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Kinara Capital gets $10 mn from IndusInd Bank to further MSME financial inclusion, BFSI News, ET BFSI

Personal Finance

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Kinara Capital has secured $10 million (Rs 74 crore) from IndusInd Bank with a 100% guaranty from the U.S. International Development Finance Corporation (DFC). This investment to be utilised towards the expansion of MSME financial inclusion across manufacturing, trading, and services sectors in India.

“Our partnership with IndusInd and DFC underscores our shared commitment to ease the credit hurdle faced by most small business entrepreneurs in India. MSMEs galvanise India’s economy with income generation and job creation and there is an ever increasing demand for financing for businesses to rebuild and grow this year. This investment from IndusInd Bank and DFC will accelerate financial inclusion of small businesses, thereby invigorating local economies,” said Hardika Shah, Founder & CEO, Kinara Capital.

The total amount of $10 million investment for onward lending to small business entrepreneurs will be deployed over five years from IndusInd Bank’s Impact Investing division. This three-way partnership between Kinara Capital, IndusInd Bank and DFC unites the organisations’ shared goals to promote entrepreneurship, financial inclusion and job creation.

“We are glad to have associated with DFC to support a strong impact creating entity, Kinara Capital, in their growth trajectory. The guaranty from DFC eliminates foreign exchange rate fluctuation risk from the balance sheet of Kinara and it has become an important tool to mobilise debt funding for impact space companies,” said Roopa Satish, Head, Corporate & Investment Banking, CSR & Sustainable Banking, IndusInd Bank.

“Commitment towards financial inclusion from Kinara Capital has made it possible for us to collaboratively help India’s small business entrepreneurs. We are motivated by the high potential and the high prospects of the diverse MSME sector in India and proud to partner with both IndusInd and Kinara Capital,” said Loren Rodwin, Managing Director, Social Enterprise Finance Team, Office of Development Credit at U.S. International Development Finance Corporation (DFC).



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