Tag: Sidbi

SIDBI appoints Sudatta Mandal as Deputy Managing Director, BFSI News, ET BFSI

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Sudatta Mandal has been appointed as the Deputy Managing Director of Small Industries Development Bank of India’s (SIDBI). The appointment is for a period of 3 years.

Prior to this, Sudatta Mandal was the Chief General Manager of EXIM Bank. He has over 25 years of professional experience in international trade and investment finance, project finance, structured lending, SME lending, including cluster financing, and trade finance.

He is a B-Tech. in Electrical Engineering from the Indian Institute of Technology, Kanpur, and holds a Post Graduate Diploma in Management with specialisation in Finance from the Indian Institute of Management, Calcutta.

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Fincare SFB to file IPO papers this week, BFSI News, ET BFSI

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Mumbai: Bengaluru-based Fincare Small Finance Bank will file its draft red herring prospectus (DRHP) with the market regulator Sebi for an initial public offer (IPO) this week.

The issue size is said to be in the range of Rs 1,200-Rs 1,400 crore and would comprise of a fresh issue and offer for sale by the existing shareholders, according to market sources. Fincare SFB backed by investors such as True North, TA Associates, Tata Opportunities Fund and SIDBI, is the latest small finance bank (SFB) to announce plans to go for initial public offering.

ICICI Securities, Axis Capital, and Ambit Capital are the book running lead managers for the issue.

TPG-backed Jana Small Finance Bank, ESAF Small Finance Bank and Utkarsh Small Finance Bank have already filed DRHP with the regulator for IPOs and are expected to hit the market over the next couple of months.

Fincare SFB was one of the 10 micro finance institutions that received RBI permission to convert into a small finance bank. Under RBI norms, SFBs are required to list within three years of reaching a net worth of Rs 500 crore and Fincare SFB has to list before September 2021 as per RBI rules for small finance banks.

SFBs were in the limelight recently as RBI has decided to allow the classification of priority sector lending for loans given by small finance banks to micro-finance institutions (MFI) for on-lending to individuals. The decision has been taken to address the liquidity issues amid the severe Covid crisis. SFB stocks like Ujjivan Small Finance Bank and Equitas Small Finance Bank have been performing well on the bourses on the back of strong investor interest in the sector.



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S Ramann takes charge as SIDBI chief

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Sivasubramanian Ramann took charge as the Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI) on Monday.

His appointment as the head of SIDBI, which is the principal financial institution engaged in the promotion, financing and development of Micro, Small & Medium Enterprises (MSMEs), is for three years.

Prior to this appointment, Ramann was serving as the Managing Director and Chief Executive Officer of National E-Governance Services Ltd (NeSL), India’s first information utility, SIDBI said in a statement.

Ramann is an Indian Audit & Accounts Service (IA&AS) officer of 1991 batch. Prior to joining NeSL, he was the Principal Accountant General of State of Jharkhand between 2015 and 2016. He was also Executive Director with Securities and Exchange Board of India (SEBI) between 2006 and 2013.

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Slew of measures to enhance credit flow

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With a view to increasing the focus of liquidity measures on revival of activity in specific sectors, the RBI has extended the targeted long-term repo operations (TLTRO) scheme by six months till September 30, 2021.

By Ankur Mishra

The Reserve Bank of India (RBI) on Wednesday announced a slew of measures to enhance the credit flow into the system. The measures include liquidity support of Rs 50,000 crore for fresh lending during FY22 to all India financial institutions (AIFIs) like Nabard, Sidbi, NHB and Exim Bank.

Apart from it, the regulator has enhanced the loan limit for individual farmers to Rs 75 lakh from Rs 50 lakh against pledge of agricultural produce. The RBI has also extended the priority sector lending (PSL) classification benefit for lending by banks to non-banking financial companies (NBFCs) by six months.

“This dispensation which was available from August 13, 2019, till March 31, 2021, is being further extended for another six months, up to September 30, 2021,” the RBI said. In August 2019, RBI had decided that the bank credit to registered NBFCs for on-lending will be considered as priority sector lending.

With a view to increasing the focus of liquidity measures on revival of activity in specific sectors, the RBI has extended the targeted long-term repo operations (TLTRO) scheme by six months till September 30, 2021.

Raj Kiran Rai G, chairman, Indian Banks’ Association and MD & CEO of Union Bank of India, said the extension of on-tap TLTRO scheme and additional funding to AIFIs would help in providing resources for the needy segments of the economy.

SS Mallikarjun Rao, MD and CEO of Punjab National Bank, said, “While the liquidity has been ensured via TLTRO in case the demand picks up, the opportunity of on lending through NBFCs, enhancement of loan limit against warehouse receipts, liquidity facility for AIFIs are all good moves to ensure continued availability of credit which aid faster economic recovery.”

Anil Gupta, vice president, financial sector ratings, ICRA, said extension of the PSL scheme is positive and will further improve credit flow to NBFCs and HFCs for lending to identified sectors. “NBFCs and HFCs have benefitted by accessing the fresh funding lines at competitive rates while enabling banks to meet their PSL requirements with better risk-return perspective,” Gupta said.

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S Ramann appointed as SIDBI Chairman & MD

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The government has appointed S Ramann as Chairman and Managing Director of Small Industries Development Bank of India (SIDBI).

The appointment is for a period of three years from the date of his assuming the charge or until further orders, a government statement said.

In December, Banks Board Bureau, the headhunter for state-owned banks and financial institutions, had recommended his name for the post.

Ramann, a 1991-batch Indian Audit & Accounts Service officer, is currently the CEO of National E-Governance Services Ltd, India’s first Information Utility.

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Social Alpha, SIDBI join hands to launch a fund for startups in assistive technology space

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Social Alpha and Small Industries Development Bank of India (SIDBI) have partnered up to set up the Swavalamban Divyangjan Assistive Tech Market Access (ATMA) fund, an inclusion fund offering financial grants to Social Alpha-incubated startups working in the Assistive Technology sector.

Each startup working in this space will have access to implementation support of up to ₹20 lakh. The fund will finance up to 50 per cent of the product price for the initial users, as per an official release.

“Creating new markets in Assistive Technologies has been a big challenge and requires significant investment in ecosystem development. ATMA fund heralds a new era for the Assistive Technology sector by enabling early adoption of innovative solutions,” Manoj Kumar, CEO and co-founder, Social Alpha, said.

“We believe that the reduction in out-of-pocket expenditure will catalyse demand, which is essential for the long-term sustainability and growth of entrepreneurial risk-taking in this sector. We are happy to partner with SIDBI as its support can help scaling this fund to include pan-India incubators while offering a much-needed boost to this sector’s research and development efforts,” added Kumar.

Shri. V Satya Venkata Rao, Deputy Managing Director, SIDBI said, “MSMEs and the development sector are the worst impacted by the Covid-19 pandemic. Taking cognisance, Government, through Atma Nirbhar Bharat Abhiyan, has taken measures to boost the MSME sector to be instrumental in the economic revival of the country. With SIDBI’s vast experience in catering to MSMEs and operating various funds, developing a Social Impact fund i.e., Swavalamban Divyangjan ATMA Fund comes as an opportunity to be part of this mission.”

The startups will be able to apply for Social Alpha incubation throughout the year. Applicants will have to go through a rigorous selection process to qualify.

“Social Alpha will identify the assistive technologies that need support and evaluate the business plan. The incubatees will also be eligible for Social Alpha follow-on investment, subject to further due diligence,” it said.

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Bank of Baroda signs MOU with SIDBI to support MSMEs, BFSI News, ET BFSI

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Bank of Baroda signed a memorandum of understanding (MOU) with the Small Industries Development Bank of India (SIDBI) to extend relief to MSME enterprises with an online facility of submitting their loan restructuring proposal.

Automated / Do-It-Yourself (DIY) web-portal ‘ARM-MSME‘ provides MSMEs with a platform to self-create their restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options.The borrowers can also modify the online application or re-submit a new online application.

Dr. Ram Jass Yadav, Chief General Manager – MSME & Retail Business, Bank of Baroda, said, “As a bank, we are continuously working towards digitization and consumer friendly processes. This has led to our partnership with SIDBI for a platform like ARM-MSME, which will provide time saving convenient solution to MSMEs, at no additional cost. Through this partnership, we will hopefully assist numerous MSMEs who are in need of guidance.”

The Government of India and RBI has come up with several measures to support MSMEs to tide over the present pressing times post pandemic. Furthermore, RBI has extended the One-Time Restructuring (OTR) window till March 2021 to provide relief to MSMEs under financial stress, with credit exposure up to Rs. 25 crores.



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