In the news Part 1

SIDBI's refinance portfolio to touch Rs 20,000 crore
by Virendra Singh Rawat / New Delhi/ Lucknow February 02, 2010, 0:58 IST

The refinance portfolio of Small Industries Development Bank of India (Sidbi) is likely to touch a figure of Rs 20,000 crore this financial year. Sidbi provides refinance support to public sector banks for credit to small industries, including food processing. Besides, credit support to micro finance institutions (MFIs) will be in the region of Rs 2,500 crore for the current fiscal. “We have partnered with 140 MFIs in the country for providing livelihood support to the marginalised sections,” Sidbi CMD R M Malla told Business Standard.

On accumulated basis, Sidbi had extended credit of over Rs 8,000 crore to the MFIs and the outstanding in this regard stands at Rs 3,000 crore. “The micro finance space is quite large in India, but we cannot reach all the segments directly. Therefore, we collaborate with MFIs and NGOs to extend financial support to the needy,” he informed. Besides, he said Sidbi had a good experience in the micro finance sector and had minimal defaults so far. He was here to sign an MoU with American India Foundation (AIF) and an NGO Bhartiya Micro Credit to provide livelihood support to low income groups through an initiative called ‘Rickshaw Sangh Programme’.
Link:http://www.business-standard.com/india/news/sidbi\s-refinance-portfolio-to-touch-rs-20000-crore/384311/