SIDBI targets Rs 1,80,000 cr disbursal under Mudra ecosystem

Central refinance agency Small Industries Development Bank of India (SIDBI) is targetting total disbursal of Rs 1,80,000 crore under the Micro Units Development and Refinancing Agency (Mudra) ecosystem during 2016-17.

During the last fiscal, Rs 1,37,000 crore and Rs 1,32,000 crore were sanctioned and disbursed under the Mudra scheme to 24.8 million beneficiaries.

Launched by Prime Minister Narendra Modi on April 8, 2015, Mudra is a wholly-owned subsidiary of SIDBI set up to fund small and self financed enterprises in India.

The Mudra ecosystem has 163 partners spanning commercial banks and refinance institutions, SIDBI CMD Kshatrapati Shivaji told the media after the 18th Annual General Meeting (AGM) here this evening.

SIDBI had sanctioned and disbursed over Rs 3,783 crore and Rs 3,337 crore respectively directly as refinance under Mudra scheme.

To boost start-ups and support entrepreneurship, SIDBI had created Rs 2,000 crore India Aspiration Fund (IAF) as 'fund of funds' for making investments in Venture Capital Funds (VCF).

In turn, the VDF are expected to invest in the Micro, Small and Medium Enterprises (MSME) to the extent of twice the commitment of SIDBI or 50% of the corpus of the VCF, whichever is more.

Under IAF, SIDBI had already given commitments for over Rs 1,300 crore to 30 VCFs, thus helping these Funds mobilise almost Rs 12,000 crore, he informed.

Meanwhile, the AGM approved payment of dividend of 20% to shareholders for 2015-16.

During 2015-16, SIDBI outstanding had increased by 18.6% to Rs 65,632 crore as on March 31, 2016. The net profit stood at Rs 1,117 crore.

The Gross and Net Non Performing Asset (NPA) as percentage of net outstanding stood at 1.51 and 0.73%.

"We are focussing on helping more and more micro enterprises get working capital loans and help the start-up ecosystem," Shivaji added.