SIDBI’s loan marketplace for MSMEs Udyami Mitra enabled sanctioning of 26 lakh loans so far

By: |
May 12, 2021 9:04 PM

Launched in 2016, the portal offers other addon services such as handholding support through a network of agencies engaged in application filling, report preparation, financial training, skill development, mentoring, entrepreneurship development programmes, subsidy schemes, etc.

The state government had on last Thursday announced lockdown from May 8 till May 16.The government has also restricted physical loan recovery during the lockdown period.Out of Rs 95.69 lakh crore gross bank credit outstanding as of February 26, 2020, MSEs’ share stood at 11.8 per cent, as per RBI data.

A one-stop portal for MSMEs — to apply for loans under Mudra scheme, Standup India scheme for SC/ST and women entrepreneurs, PM SVANidhi apart from SME loans — Udyami Mitra has sanctioned over 26.31 lakh loans so far. According to the data available on the platform, it has so far onboarded 411 lenders including non-banking financial companies, small finance banks, microfinance institutions, etc. Launched in 2016, the portal offers other addon services such as handholding support through a network of agencies engaged in application filling, report preparation, financial training, skill development, mentoring, entrepreneurship development programmes, subsidy schemes, etc.

To put the number of loans sanctioned through Udyami Mitra in perspective, over 92.27 lakh loan accounts were alone sanctioned as of February 28, 2021, under the Emergency Credit Line Guarantee Scheme (ECLGS) launched last year. The share of loans issued to micro borrowers was highest at 80.44 lakh followed by 4.26 lakh issued to small enterprises and 2.93 lakh issued to medium businesses, according to the data shared by Nitin Gadkari from NCGTC in a written reply to a separate question in the Rajya Sabha in March.

Also read: Samara-backed Spoton customises logistics solution for MSMEs as sector weighs Covid impact ahead

Meanwhile, the gross bank credit deployment to micro and small enterprises (MSEs) in February 2021 stood at Rs 11.31 lakh crore, up 6.9 per cent from Rs 10.58 lakh crore deployed in February 2020, according to the April bulletin by the Reserve Bank of India. However, the share of MSEs in the overall gross bank credit had continued to decline. Out of Rs 95.69 lakh crore gross bank credit outstanding as of February 26, 2020, MSEs’ share stood at 11.8 per cent down from 12.09 per cent share in the overall Rs 94.97 lakh crore gross bank credit deployed in January 2021 and 12.11 per cent in December 2020. The RBI had earlier this month announced the extension of exemption by scheduled commercial banks to deduct credit disbursed to new MSME borrowers from their net demand and time liabilities (NDTL) for calculation of the cash reserve ratio (CRR). Available for exposures up to Rs 25 lakh and for credit disbursed up to the fortnight ending October 1, 2021, the relaxation was extended till December 31, 2021, to ease credit flow to MSMEs.

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