The MoU for the partnership was signed in the presence of Shri M. Nagaraju, IAS, Secretary, Department of Financial Services (DFS), who graced the occasion as Chief Guest. Shri Manoj Ayyappan, JS, DFS, Shri Manoj Mittal, CMD SIDBI, Shri Lalit Tyagi and Shri Lal Singh, Executive Directors, Bank of Baroda and other senior leadership from Banks and FIs participated in the ceremony.

Key areas of partnership under the MoU include:

• Joint Financing for MSMEs: Credit delivery support through combined strengths of SIDBI’s MSME focus and Bank of Baroda’s wide branch network.
• Working Capital Enablement: Operationalisation of BOB’s Working Capital Platform for SIDBI-sanctioned borrowers to ensure seamless, tech-enabled Working Capital support.
• Startup Financing: Structured support for startups through coordinated interventions—SIDBI’s Venture Debt Programme, and Bank of Baroda’s Startup Banking solutions, including financial products, advisory, and customised offerings.
• Export Promotion: Enabling MSMEs and high-growth startups to benefit from Bank of Baroda’s global network, offering export-related banking support, market access insights, and international banking solutions.
• Cluster and Innovation Support: Joint programs for MSME clusters, incubators, accelerators, and startup ecosystems across the country.

Shri M. Nagaraju, IAS, Secretary, DFS, while delivering the keynote address said “This partnership brings together the strengths of a dedicated MSME development institution and a large commercial bank to build a stronger credit ecosystem for MSMEs and startups. By combining SIDBI’s innovative financing models with Bank of Baroda’s national and international reach, this MoU will help enterprises—both traditional and new-age—access timely working capital, scale operations, and integrate into global value chains.”

Shri Manoj Ayyappan, Joint Secretary, DFS, said “The SIDBI–Bank of Baroda partnership marks an important step in strengthening India’s MSME and startup ecosystem. By bringing together SIDBI’s developmental expertise and Bank of Baroda’s strong national and global presence, this collaboration will significantly enhance access to timely and affordable credit.

Shri Manoj Mittal, CMD, SIDBI, said “For 35 years, SIDBI has shaped the MSME and startup financing landscape through direct, indirect and digital interventions. This MoU deepens our ability to jointly support MSMEs as well as high-potential startups through venture debt, digital credit, and coordinated working capital solutions. We see this as a powerful opportunity to accelerate India’s enterprise growth narrative.”

Shri Lalit Tyagi, Executive Director, Bank of Baroda, said: “Bank of Baroda is committed to supporting MSMEs and the emerging startup ecosystem. Through this partnership, we will strengthen joint financing, enhance digital credit enablement, and expand specialised banking solutions for startups. Our global presence will further help MSMEs, and startups tap export opportunities.”

Shri Lal Singh, Executive Director, Bank of Baroda delivering the vote of thanks, appreciated the efforts put in by both the teams and congratulated all stakeholders for the anticipated value creation for all parties involved, especially the customers.

During the event, the Secretary, DFS also handed over the sanction letters under the SIDBI-BOB MoU to MSME customers.

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 Mumbai, July 29, 2024: UGRO Capital, a DataTech NBFC and India’s largest Co-lender in the MSME segment, today announced its strategic co-lending partnership with the Small Industries Development Bank of India (SIDBI). The partnership is established under the Reserve Bank of India’s (RBI) co-lending framework, designed to leverage the strengths of banks and NBFCs to boost priority sector lending.

The co-lending agreement aims to provide faster and more affordable credit to MSMEs, combining UGRO Capital’s innovative data & technology and extensive on-ground presence with SIDBI’s robust financial resources and strategic vision. This collaboration will facilitate inclusive growth and socio-economic development across the country by enabling MSMEs to access the credit they need to thrive.

Shri Prakash Kumar, DMD, SIDBI commented on the partnership, saying, “SIDBI is committed to fostering the growth of the MSME sector, which is the backbone of India’s economy. NBFCs play a crucial role in our growth strategy due to their ability to reach the bottom-of-the-pyramid businesses, especially in credit-deficient geographies. Their adoption of innovative and agile credit delivery models and deep understanding of the local ecosystem are invaluable. The co-lending framework offers a significant opportunity to channel affordable and timely credit to the smallest MSMEs in partnership with NBFCs. Our collaboration with UGRO Capital aligns perfectly with our mission to extend our reach and impact through strategic partnerships. We are pleased to commence our co-lending arrangement with UGRO Capital, which will help provide affordable business loans to MSMEs.”

Mr. Shachindra Nath, Founder and Managing Director of UGRO Capital, said, “We are thrilled to join hands with SIDBI in this strategic co-lending partnership. Our combined efforts will not only enhance the reach of credit to MSMEs but also ensure that it is provided swiftly and at a more affordable cost. This collaboration is a testament to our commitment to driving financial inclusion and supporting the growth of MSMEs across the nation.”

UGRO Capital’s unique data-driven co-lending approach has already extended bespoke finance solutions to over 78,000 MSMEs in India. With this partnership, UGRO Capital will further expand its impact by enhancing its business footprint and increasing its income through collaborative efforts with SIDBI. The partnership underscores the commitment of both organizations to fulfilling priority sector lending obligations and supporting the MSME sector’s growth.

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9th February, 2024: Fund of Funds for Startups (FFS), a key component of the Startup India Action Plan launched by Hon’ble Prime Minister Shri Narendra Modi ji in 2016, is today one of the flagship programmes of DPIIT, Government of India and has proven to be a game changing intervention of Government of India in country’s Startup Ecosystem. The scheme is being managed by SIDBI on behalf of, and under the overall guidance and direction of DPIIT.

In this connection, a third-party assessment of the scheme was undertaken by CRISIL, India’s premier analytics company and pioneer of AIF benchmarking in the country. CRISIL’s impact assessment report viz. Prabhaav, was unveiled today by SIDBI.

Shri S. Ramann, Chairman & Managing Director, SIDBI along with Shri S P Singh, CGM Venture Finance, presented the report to Dr Vivek Joshi, Secretary, Dept. of Financial Services, Ministry of Finance, GoI, Shri Rajesh Kumar Singh, IAS, Secretary, DPIIT and Shri Sanjiv, IRS, Joint Secretary, DPIIT, Ministry of Commerce & Industry.

The Fund of Funds for Startups, which contributes to the corpus of category I & II Alterative Investment Funds (AIFs), with a mandate for investment to startups, is one of the key initiatives which has transformed India into the 3^rd largest startup ecosystem in the world today, by providing a sizeable catalytic pool of risk & growth capital to startups.

The report reveals heartening all-round outcomes of this initiative of GoI on aspects encompassing multiplied flow of capital, innovative solutions, inclusiveness & diversity in coverage of startups, deepening of startup funding ecosystem in the hinterlands of the country, strengthening of governance as well as wealth creation.

Key highlights of the report indicate that as on November 30, 2023, as many as 129 AIFs have been sanctioned commitment out of FFS across segments. The scheme has already catalysed investments to the tune of ~4x of the amount drawn with ₹17,534 crore invested in 938 unique startups. Thus, the scheme resulted in significant multiplier effect, promoting enhanced capital flow into this segment. While FFS largely focusses on early-stage funding in young companies, as many as 18 of its startups have already become unicorns.

The scheme has also channelised investments in startups in emerging sectors such as deep tech, agri/agri solutions, health tech, financial services, and sustainability. Implemented with emphasis on diversity & inclusiveness, after launch of FFS, 129 startups beyond Tier 1 cities have received investments aggregating ₹1,590 crore. Another heartening outcome was the increasing support to women led startups as well as women led fund managers.

The scheme has ushered in a revolution in Venture Capital Space in India too, emerging as hallmark of approval for the fund managers as well. As per the survey conducted by CRISIL as part of the assessment, 89% respondents confirmed that support under FFS was instrumental in anchoring their fund raise. More than 75% respondents said they experienced a positive impact in raising non-institutional domestic capital post commitment by SIDBI under the scheme. Further, out of the AIFs supported, as high as 35% are being managed by first time Fund Managers, which will help deepen and enhance the reach of the AIF / VC funding ecosystem, as summed up by CRISIL in its assessment.

The Secretary, DFS and Secretary, DPIIT appreciated the initiatives and progress demonstrated by SIDBI in managing the scheme and the outcomes already achieved.

Since, its formation in 1990, when the risk capital and VC ecosystem for innovative enterprises and startups was nearly non-existent in the country, SIDBI has been impacting the lives of citizens across various strata of the society through its integrated, innovative, and inclusive approach. Over the last 3 decades, SIDBI has taken several pioneering steps to support building up of startup ecosystem including support out of its own balance sheet. SIDBI supported setting up of several schemes on its own before emerging as a key partner of the Government of India and several State Governments for managing their vision in Startup space through Fund of Funds interventions. Apart from FFS, it also manages ASPIRE Fund of Funds of Ministry of MSME with focus on Agro and Rural enterprises, and state focussed Fund of Funds for Uttar Pradesh & Odisha.

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January 23, 2024: The ‘Green Indian Financial System (GIFS)’ Initiative, founded by SIDBI, Shakti Sustainable Energy Foundation (SSEF) and French Development Agency (AFD), organised an event with the annual theme discussion titled “Strengthening Green Financing and Mainstreaming Gender” on January 23, 2024, in Mumbai. This event successfully brought together MSMEs and stakeholders, to reflect on the recent developments on green finance, and to discuss how the financial system and the MSMEs can find a common ground to ensure a resilient and low-carbon transition in India.

Established in 2021, GIFS initiative been instrumental in shaping discussions around greening the financial ecosystem and facilitating its implementation through Indian institutions. The objective of the event was to share updates on the newly created regulations, schemes, tools, working groups etc. from 2022 and 2023 activities that have contributed to the greening of the Indian financial system. Additionally, to highlight GIFS achievements, capitalization and introducing the upcoming “Greening the Finance-to-Finance Green” (G2FG) Technical Assistance platform for MSMEs and financial institutions.

The event also focused on Greening of Finance by Women (GroW); a distinguished professional network dedicated to women in climate finance. The event served as a platform to present key updates, enable collaboration, and empower women in green and climate finance through GRoW, a part of GIFS initiative. Mr. Prakash Kumar, DMD, SIDBI, welcomed participants with an opening remark, providing a comprehensive introduction to the GIFS Initiative and Ms. Kruthika Jerome of Shakti Sustainable Energy Foundation introduced the GRoW summit. Subsequently, women entrepreneurs shared their experiences in credit access for green investment, with addresses from Ms. Sahar Mansoor of Bare Necessities, Ms. Kalyani Shinde of Godaam Innovations, Ms. Chaitsi Ahuja, Founder of Brown Living and Ms. Vanita Prasad of REVY Environmental Solutions.

The Policy Perspective on Climate Financing Landscape India: developments in the banking sector and regulation session featured notable speakers Mr. Sivasubramanian Ramann, IA&AS, CMD, SIDBI; Mr. Sunil Nair, CGM, RBI; Mr. V Chandrasekar, Senior Advisor, IBA; and Mr. P Shyam Sunder, Joint Director, BEE, Ministry of Power.

The event saw other eminent speakers who spoke on various topics.  Mr. Nitin Desai, Member of Board, Shakti Sustainable Energy Foundation (SSEF); Mr. Sivasubramanian Ramann, CMD, SIDBI; Ms. Audrey Brulé – Françoise, Deputy Head Financial Systems Division, AFD, briefed the participants about GIFS’ achievements.

Mr. Sivasubramanian Ramann, CMD, SIDBI stated that digitization and greening are top priorities of SIDBI. In this endeavor, building synergy, networks, platforms, financing, and development models aligned to national net zero mandate has been our strategic approach. GIFS and GroW platform brings on board global good practitioners, policy insight institutions and SIDBI having pulse of enterprise ecosystem. Building capacity both on demand and supply side has been our credit plus approach throughout. This thought leadership platform makes it credit plus and furthers our resolve for greening enterprise ecosystem differently.

Mr. Sunil Nair, CGM, RBI, while giving the special address mentioned about the financing framework that every bank and financing institutes follow while lending the loans to the borrowers. He also briefed on need of transition finance for borrower and ease and issues while scrutinizing financing requirements of the borrowers of the specific region or country.

Ms. Audrey Brulé of AfD highlighted the good green practices unleashed through various global platforms led by them. She highlighted how GROW and GIFS are trend setters and are getting replicated in other parts of the world. Gender mainstreaming remains priority for fad and embedding into green financing is essential for leveraging immense potential which women bring on board for strengthening enterprise ecosystem.

Mr. Rajiv Chawla, Chairman, IamSMEofIndia; Mr. Anil Bhardwaj, Secretary General, FISME; and Ms. Madhu Tyagi, Board Member, COWE India; shared insights into companies’ green aspirations and experiences in accessing climate finance.

Mr. Dhruba Purkayastha, Director, CPI; Mr. Vivek Adhia, Associate Director, BCG; Ms. Neha Kumar, Climate Bond Initiative; Mr. Shubhashis Dey, Director, Shakti Sustainable Energy Foundation and Mr. Mukund Govind Rajan, Chairperson, ECube Investment Advisors shared insights on the key takeaways from the G20 Presidency for the Indian financial sector and shared perspective on COP28 messages in Indian Context. The session was moderated by Dr. R K Singh, CGM & Head, Green Vertical, SIDBI

The event concluded with the panel discussion on the topic “The Nexus of Women and Green Finance across Stakeholders”, which included the following speakers – Ms. Ekta Mehra, Senior Sector Specialist, KFW; Ms. Smitha Hari, President, AuctusESG; Ms. Shruti Srivastava, Investment Director, Avaana Capital. The panel was moderated by Ms. Neetu Chitkara, MD & Partner, Boston Consulting Group (BCG). The Summing Up session was led by Mr. Shubhashis Dey, Director, Shakti Sustainable Energy Foundation.

The GIFS & GroW annual theme discussion on “Strengthening Green Financing and Mainstreaming Gender” marked a significant milestone in fostering knowledge exchange, training, and networking among like-minded finance practitioners from banks, investment funds and financial institutions. SIDBI continues to play a crucial role in fostering sustainability and gender inclusion in the Indian financial landscape, contributing to a resilient and green future.

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Shri Vivek Joshi (IAS), Secretary, DFS, Ministry of Finance was the Chief Guest and Shri Subhas Chandra Lal Das (IAS), Secretary, Ministry of Micro, Small & Medium Enterprises was Guest of Honour.

The event commenced with Manthan session wherein Lead Industry Associations shared their perspectives to ease access to credit and non-financial services by MSMEs. Associations recounted the exemplary service of SIDBI especially the turn around in last few years in terms of responsiveness, embracing digitization (leading to reduced TAT) and minimizing procedures and processes thus enabling entry of last mile into SIDBI folds. Shri Rajive Chawla, Shri Rakesh Chhabra, and Shri J P Malhotra represented the MSME voice.

Shri Nishant Kumar Yadav, Dy. Commissioner, Gurugram addressed the gathering and assured the continuity of the support from State authorities. Shri Yadav mentioned that the enterprising people of Gurugram have established their mettle in different sectors and the momentum should continue.

Shri Sivasubramanian Ramann, CMD, SIDBI said that the presence of Secretary, DFS and Secretary, MoMSME reflects government’s commitment to strengthen MSMEs, the second largest contributor to the country’s economy and employment. Shri Ramann mentioned that our thrust has been on “Digitization” and “Greening the Enterprise Ecosystem”. SIDBI has been assessing the demand supply side gap and have provisioned for financial and non-financial services to address these. Shri Ramann mentioned that SIDBI values the feedback and inputs of Industry Associations which helps to become more responsive. Shri Ramann mentioned that SIDBI has been working on digitizing the registration of MSMEs, access to finance by them as also leveraging GST data for democratizing credit access. Shri Ramann mentioned that in line with expectation of GoI that SIDBI should evolve as largest direct lender to MSMEs, SIDBI has strategized, the ABC approach. It includes App based, Branch based and Co-partners based lending.

Shri S.C.L Das, Secretary, Ministry of MSME stated that the ministry is committed to create a strong and enabling ecosystem for MSME to grow and flourish. Shri Das emphasized on innovative offerings of ministry woven around growth with sustainability. Shri Das highlighted the increased coordination among different ministries for effective implementation of Central schemes such as PM Vishwakarma.  Shri Das also mentioned that Ministry is geared up to introduce new schemes to catalyse green investment and contribute to National Determined Contributions (NDCs) of India. Shri Das appreciated the increasing contribution of SIDBI and suggested called upon that Environment, Social and Governance (ESG) aspects need to be embedded and mainstreamed in entire enterprise lending.

Shri Vivek Joshi, Secretary, Ministry of Finance, advocated the significance of MSME sector in the Indian Economy and reaffirmed government’s commitment towards Development & Growth of MSME sector. Shri Joshi also acknowledged the instrumental role played by SIDBI in strengthening the credit flow to MSMEs particularly through digitization, credit guarantee, channelizing ECLGS (as a COVID relief). Shri Joshi also highlighted the thrust of Government of India on reaching the last mile through banking and digital tools. Shri Joshi also recounted how banks have been proactively engaged for reaching Street Vendors under PMSVANidhi and also PMVishwakarma to provide End to End holistic support to Artisans. Shri Joshi appreciated the exhibition which reflects increasing orientation and demand towards net zero journey of the country. Shri Joshi called upon entrepreneurs to avail services such as Express Loan by SIDBI, look at e mobility as preferred mode of transport, etc. While appreciating SIDBI’s role, Shri Joshi laid expectations for tripling SIDBI’s footprints. MoMSME and DFS would continue to extend whole-hearted support to boost the MSME ecosystem particularly those at bottom of pyramid.

The dignitaries raised the happiness quotient of participants by flagging off EVs supported by SIDBI for delivering services in NCR under its 50KEV4ECO program. Shri Vivek Joshi and Shri SCL Das handed over sanctioned letter to 08 Startups/MSMEs extending support under SIDBI’s digital journey, 4E Scheme, Speed and Venture Debt. Under 50KEV4ECO program, sanction letter was handed over to electric mobility as a service provider as also disbursement cheque was handed over to “cKers Finance” to support acquisition of commercial EVs at competitive rate to create the market.

Cumulative sanction of Rs. 57 Crore was handed over to the Startups / MSMEs / NBFCs on the occasion.

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Chief Guest – Amitabh Kant, G20 India Sherpa and Special Guest

Mr S. Ramann, CMD – SIDBI grace the launch event

India, November 15, 2023: Microfinance Industry Network (MFIN), industry association for Microfinance and RBI-recognized self-regulatory organization, launched the 3^rd Edition of Micro Matters: Macro View – India Microfinance Review FY 2022-23. Dr Alok Misra, CEO & Director of MFIN shared key highlights of Financial Inclusion and Microfinance from the report. This was followed by the unveiling of the report by Mr. Amitabh Kant, G20 India Sherpa in the gracious presence of Mr. Sivasubramanian Ramann, CMD-SIDBI.

The report is the third edition of Micro Matters: Macro View, a report conceived in 2021 to provide a holistic view of the sector to the reader. It is based on MFIN’s in-depth understanding of the sector derived from interactions with policy makers, regulator, industry players, funders, and analysts. This year’s report besides microfinance also covers macro-economic context and broader progress under financial inclusion. The report highlights that despite global headwinds, India could hold its ground and grow by 7% in 22-23. The share of micro under MSME credit by Scheduled commercial banks has risen to 17.9% by March 23, insurance penetration is now 4.2% of GDP and bank account ownership is now ubiquitous with no gender gap. Microfinance sector (NBFC-MFIs, Banks, SFBs and NBFC) added 87 lakh new women clients during 22-23 with credit outstanding reaching 3.48 lakh crore across 729 districts to 6.64 crore low-income women clients. The report also demonstrates the immense growth potential of the sector, and the microfinance potential market size is estimated by MFIN at Rs 13 lakh crore during FY 23-24. The report also documents the work done by MFIN during 22-23 to strengthen the sector, future initiatives, and also list key areas of work/concerns for the sector.

Delivering his keynote address, Shri Amitabh Kant, G20 India Sherpa said, “In last few years, India has laid the building blocks of growth in the form of infrastructure -both physical and digital. Now India needs to grow at around 10% for three decades to become a developed country.  The building blocks will have multiplier effect only if the credit demand is met as credit will be the driver of India’s next phase of growth. MFIs are presently the most important institutions in the country as they have the ability to penetrate into rural areas, lend to last mile clients and contribute to Inclusive growth. Honourable Prime Minister’s vision is also centred on universality and women led development. Microfinance caters to both Equitable growth and Universality. I congratulate MFIN and its Members on the excellent work being done and wish them luck.”

Sivasubramanian Ramann, Chairman and Managing Director – SIDBI in his special address said, “SIDBI has been a partner in the great journey of microfinance institutions and the sector has grown together and delivered. It is heartening to note that microfinance institutions have recovered post COVID and are showing strong performance. SIDBI has taken key steps to boost credit to micro entrepreneurs need for formalisation by having Udyam Assist Portal and around 1 crore enterprises are already part of it. MFIs with their client base of nearly 7 crores need to onboard them on to the portal. Further, the co-lending scheme of SIDBI combines the power of origination of microfinance with financial resources of SIDBI and MFIs must make use of it. The need of the hour is to address the persisting high share of informal finance and SIDBI is fully behind microfinance initiatives furthering last mile inclusion. We also need to think beyond technology in last mile outreach, where personal connect of MFIs is critical.”

The panel discussion on “Leaving No one behind – Balancing Economic Growth with Equitable Distribution had Ittira Davis, MD & CEO, Ujjivan SFB, Dr. Samiran Chakraborty, MD & Chief Economist, Citigroup, Manish Kothari, President & Head, Commercial Banking, Kotak Bank and Devesh Sachdev, Founder, MD & CEO, Fusion Microfinance as panellists and Dr. Vinay Singh, SRO Head, MFIN as the moderator. The discussion focussed on policy and operational imperatives for ensuring that we reverse K shaped growth and build an inclusive growth model with higher incomes.

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The Energy Efficiency Services Limited is exploring the possibility of imparting global technologies to the MSMEs in Andhra Pradesh.

EESL, a joint venture of public sector undertakings under the Union ministry of power is exploring the possibility of seeking support of the Small Industrial Development Bank of India (SIDBI) in supporting the economic viability of Andhra Pradesh MSMEs through implementation of energy efficiency programmes.

As per reports, the organisation will provide energy efficiency technologies and services under the EESL-UNIDO-GEF project for catering to the needs of industrial clusters, including textiles, chemical and pharmaceuticals, forging and foundry, paper manufacturing, rice mills, metal processing, etc.

These technologies are expected to help MSMEs enhance productivity, achieve monetary savings, access competitive pricing, streamline project management, and implement comprehensive energy efficiency improvements.

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The MOU was signed by Rajeev Kandpal, CFO, GeM and A.K. Mishra, Field General Manager,Central Bank of India in the presence of Talleen Kumar, CEO, GeM.

Integration for payments and various banking services is one of the priorities for GeM towards the goal of paperless, contactless and cashless system. GeM has already signed MoU with 18 Public Sector and Private Banks to enable this.

GeM is also working with Banks, TReDs, and SIDBI to provide bill discounting and financing of working capital where the cost of capital is linked to the performance & rating of a seller on GeM. This will help the sellers in general and the MSMEs in particular to access easy credit and do better business with the government. In addition, GeM is contemplating the creation of EMD pool account for making it easy for sellers to comply with the EMD requirements while responding to bids.

GeMis an initiative of the Government of India which offers a one stop platform for facilitating online procurement of goods and services by Central and State government organizations. GeM provides tools for Direct Purchase, bidding and reverse auction for ensuring transparent and efficient procurement.

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