Subsidiaries and Associates-Driving Impact at National Level

SIDBI Venture Capital Limited (SVCL)

The venture capital arm of SIDBI, presently acts as the investment manager for eight funds viz. National Venture Fund for Software and Information Technology Industry (NFSIT) since fully divested, SME Growth Fund (SGF), India Opportunities Fund (IOF), Samridhi Fund (SF), TEX Fund (TF), West Bengal MSME VC Fund (WBF), Maharashtra State Social Venture Fund (MSF) which are fully invested and Ubharte Sitaare Fund (USF) which is currently in investment phase.

As on March 31, 2022, the total net outstanding corpus of the funds is ₹676.82 crore

SIDBI Trustee Company Limited (STCL)

STCL was established in 1999 to carry out the trusteeship functions in general and for VCFs / AIFs. STCL, at present, is acting as the Trustee for National Venture Fund for Software and Information Technology Industry (NFSIT), SME Growth Fund (SGF), India Opportunities Fund (IOF), Samridhi Fund (SF), TEX Fund (TF), West Bengal MSME VC Fund (WB Fund), Maharashtra State Social Venture Fund (MS Fund), Ubharte Sitaare Fund (USF), Assam Start-up Venture Capital Fund (ASVCF), Atmanirbhar Start-up Venture Fund (ASVF) and Tripura Start-up Venture Capital Fund (TSVCF).

Micro Units Development & Refinance Agency (MUDRA)

MUDRA was established as a wholly-owned subsidiary of the Bank on April 8, 2015 working on the agenda of ‘funding the unfunded’. MUDRA had sanctioned an amount of ₹15,623 crore during FY 2022 as against an amount of ₹12,312 crore in FY 2021. The disbursement for FY 2022 stood at ₹14,989 crore and for FY 2021 at ₹12,303 crore.

MUDRA –Financial Highlights at a Glance

(Amount ₹ in crore)

Pradhan Mantri MUDRA Yojana (PMMY)

To monitor the progress of PMMY, a portal has been developed and monitored by MUDRA on behalf of the GOI wherein aggregate data is collected on weekly basis.

Lending under MUDRA loan focusses on the unfunded segments of the Micro Enterprises by granting the loans in the following 3 categories to enable them to contribute significantly to nation’s GDP :

Loans up to ₹50,000 (Shishu)

Loans above ₹50,000 and up to ₹5 lakh (Kishor)

Loans above ₹5,00,000 and up to ₹10 lakh (Tarun)

In FY 2021-22, a target of ₹3.06 lakh crore was assigned to Member Lending Institutions, against which ₹3.39 lakh crore has been sanctioned to 5.37 crore accounts.

Since inception, cumulatively, as on March 31, 2022, ₹18.73 lakh crore worth loans have been sanctioned under PMMY to 34.55 crore accounts amounting to a cumulative disbursement of ₹18.21 lakh crore.

Associates

Credit Guarantee Fund Trust for MSEs (CGTMSE)

Credit Guarantee Fund Trust for MSEs, set up in 2000, operates the Credit Guarantee Scheme (CGS) for MSEs in respect of credit facilities up to ₹2 crore extended by member lending institutions that are not backed/partially backed by collateral security and/or third-party guarantees.

During FY 2022, Guarantees to the tune of ₹57,920 crore were approved recording a growth of 51%.

The guarantee scheme has cumulatively helped in creating 58.59 lakh MSE loan accounts for loan amount of ₹3.14 lakh crore till March 31, 2022.

The units supported by CGTMSE have generated employment to the tune of 155 lakh. Approximately, 14% women entrepreneurs were benefited by the scheme. Units supported by CGTMSE have contributed ₹24,033 crore towards exports.

To meet COVID Challenges, CGTMSE introduced 2 special schemes i.e. Credit Guarantee Scheme for PMSVANidhi (CGS-PMS) and Credit Guarantee Scheme for Subordinate Debt (CGSSD). Both the CGSSD and CGS-PMS schemes are poised to bring back life to two of the most crucial segments of MSME sector.

Overall performance of CGTMSE in FY 2022 is as under:

(Amount ₹ in crore)

Important initiatives during FY 2022

For ease of operation, bulk upload facility for coverage under CGTMSE introduced up to ₹1 crore.

Loans to educational institutions and Wholesale Traders brought under the ambit of eligible activities.

Introducing new Schemes like Guarantee for Co-Lending by Banks and NBFCs, Collaboration with State Government for state specific guarantees etc.

Lodgement of guarantee application allowed anytime during the tenure of the loan.

Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), has framed a Scheme for the purpose of providing guarantees in respect of credit facilities extended by eligible Banks & NBFCs jointly to Micro and Small Enterprises (MSEs) borrowers under Co-Lending models as prescribed by RBI from time to time. The same shall cover eligible credits sanctioned under Co-Lending arrangement by pair of lending institutions to eligible borrowers under MSE sector.

Receivables Exchange of India Limited (RXIL)

RXIL, established in 2016, is a SIDBI-NSE joint venture operating the MSME online Trade Receivables Discounting Platform (TReDS).

RXIL has registered base of 10,672 MSME Vendors, 764 Buyers (including 107 Central Public Sector Undertakings) and 50 financiers (including 20 Public Sector Banks) as on March 31, 2022. Cumulative factoring on the platform stood at ₹23,735 crore with over 13,62,327 invoices financed through RXIL TReDS platform, as on March 31, 2022.

Acuité Ratings & Research Limited (Acuité) (erstwhile SMERA)

Acuité has assigned more than 9,000 credit ratings (as on March 31, 2022) to various securities, debt instruments and bank facilities of entities spread across industries in India over a span of 9 years from the time it commenced bond and bank loan rating business.

SMERA Ratings Pvt. Ltd. (SMERA) – the wholly owned subsidiary of Acuité specialising in MSME Ratings and MFI Gradings, carried out 2,622 rating and grading assignments during the year. It achieved a 48.59% PBT margin and established itself as a self-sustainable business..

India SME Technology Services Limited (ISTSL) (2005)

Technology services venture of SIDBI and an empanelled inspection agency with NSIC. ISTSL is also providing Energy Audit service for MSME units and also Project Management Consultancy services to a few ministries of Government of India for installation of rooftop solar PV systems in their buildings.

Liquidation of ISTSL is under process.

Online PSB Loans Ltd

Fintech foray of a SIDBI led consortium of Public Sector Banks

Since the launch of PSB Loans in 59 Minutes portal on November 02, 2018, 5.01 lakh MSMEs have received In-principle approval of loans of which 3.64 lakh MSMEs have received final sanction of credit facilities from the lenders registered on the platform.