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Sidbi to focus on MSMEs

The Small Industries Development Bank of India (Sidbi) has repositioned itself to fill the gaps in the MSME ecosystem – both in financial services and in the developmental space. The development bank’s DMD N.K. Maini, said the bank has zeroed in on four or five areas of niche financing including financing receivables, risk capital, services sector and for sustainable development of the MSME sector. Maini said at a function in Coimbatore that the b ank is in the process of promoting factoring movement in the country and hoped that it will be able to resolve the receivables problem to a large extent through this initiative. The RBI extended a support of Rs 5,000 crore to Sidbi for receivables financing last year and it was able to use this support within a span of two months. As on date, it has covered 10,000 MSMEs for the delayed receivables, Maini added.

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