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Business Performance

A. Core Operations at a Glance:

I. Institutional Finance

Institutional Finance accounts for approximately 94% of loans & advances of the Bank. Outstanding under Institutional Finance was at ₹4,27,078 crore at the end of FY2024.

Refinance to Banks -

The Bank extends refinance assistance to augment resources of Primary Lending Institutions (PLIs) to increase flow of credit to MSMEs. The Refinance to Banks’ outstanding portfolio was ₹3,63,101 crore as on March 31, 2024, compared to ₹2,98,179 crore in FY2023 registering a Y-o-Y growth of 22% on the back of fresh disbursement of ₹2,43,211 crore during FY2024. Share of Public Sector Banks (PSBs) to total outstanding as on March 31, 2024, stood at 28%. There were 50 PLIs in the Refinance portfolio.

The cumulative disbursement under MSE Refinance Fund (MRF) corpus allocated by RBI out of Priority Sector Lending shortfalls of banks stood at ₹ 3,45,308 crore.

Total disbursement out of MRF during FY2024 was ₹ 63,769 crore out of which ₹5,074 crore went against underlying assets located in Identified Credit Deficient Districts (ICDDs).

Refinance to NBFCs -

The NBFC portfolio outstanding of SIDBI as at the end of FY2024 stood at ₹55,205 crore compared to ₹33,415 crore during the previous year, recording an annual growth of 65%. The disbursements during FY2024 were ₹32,420 crore recording a growth of 41% over the previous FY2023.

During the year, the Bank expanded its reach to a larger number of NBFCs by covering lower-rated and smaller NBFCs under its ambit. At the end of FY2024, the Bank had an outstanding portfolio across 78 NBFCs, of which 48 (34 during FY2023) NBFCs were rated A/BBB/unrated. The Bank also on-boarded 25 new NBFCs with direct assistance during the year and extended assistance to 10 NBFCs through Alternate Investment Fund (AIF) route and 32 NBFCs under Double Intermediation channel, all of which were rated BBB and below or unrated. Thus, the total outreach under all schemes reached 120 NBFCs, thereby recording a growth of 30% over the previous year.

The Bank had set up a special corpus fund of ₹1,000 crore with RBI’s approval to develop bond market for small and low-rated MFIs/NBFCs/Fintechs. The Fund commenced its first phase of operations in March 2022 with a corpus of ₹300 crore of which SIDBI’s commitment was ₹225 crore, and operated under the brand name of ‘Promising Lenders Fund’ (PLF-1). The entire corpus of ₹300 crore under PLF-1 has been fully committed and invested in 16 MFIs/ NBFCs/Fintechs which are rated BBB and lower, which further benefited over 4,000 MSEs and 40,000 women entrepreneurs at the bottom of the pyramid. On successful implementation of PLF-1, the Bank launched the second phase under the name of ‘Promising Lenders Fund II (PLF-2)’ with total corpus of ₹400 crore of which SIDBI’s commitment stands at ₹300 crore. The Fund is invested in 14 smaller MFIs/NBFCs/Fintechs which are rated BBB or lower.

During FY2024, SIDBI has taken the following new initiatives:

In line with the recommendations of the Expert Committee on Micro Small and Medium Enterprises led by UK Sinha and the 46^th Standing Committee on Finance, a new scheme of assistance to the unrated/below BBB- rated NBFCs was launched.

Acknowledging the imminent requirement of transition to Electric Mobility, the Bank launched Pilot scheme for financial assistance to smaller/lower-rated/unrated NBFCs catering to the EV sector.

To enhance credit delivery to MSEs through larger/higher-rated NBFCs, more limits were operationalised under the Risk Based Exposure Framework for AAA rated/Upper Layer NBFCs, with annual exposure limit granted to such NBFCs to enable them to draw the funds on tap.

Developmental Initiatives for NBFC sector

The Bank partnered with Global Alliance for Mass Entrepreneurship (GAME) to launch an NBFC Growth Accelerator Programme (NGAP) for capacity building of smaller/lower-rated NBFCs. In the first cohort, 17 NBFCs were onboarded.

The Bank also constituted an Advisory Committee on NBFCs comprising industry practitioners, representative from industry association, domain experts etc., to provide guidance to the Bank for strengthening the NBFC ecosystem.

Refinance to MFIs

SIDBI supports the microfinance ecosystem through several interventions, including the provision of financial support in the form of equity loans, term loans, grants, etc., as well as the promotion and implementation of ‘responsible’ lending practices.

The Bank, through various interventions, has enhanced the corporate governance and operational efficiency of MFIs, enabling smooth flow of adequate credit to the sector. As a result of SIDBI’s thrust on India’s microfinance sector, many MFIs have transformed into universal banks or small financial institutions.

The cumulative assistance disbursed up to March 31, 2024 under SIDBI’s microfinance initiatives is ₹33,443 crore benefiting approximately ₹5.15 crore individuals, mostly women.

The net outstanding portfolio stood at ₹ 8,771 crore as on March 31, 2024 (₹ 4,900 crore in FY2023), recording a 79% growth over FY2023.

The disbursements during FY2024 stood at ₹ 6,172 crore, recording a growth of 94% Y-o-Y. The total number of MFIs assisted as at the end of FY2024 stood at 41.

II. Direct Lending

The Direct Lending portfolio through branch network has grown by 35% due to timely initiation of various structural and product level interventions, including digitisation of lending process, use of analytical tools to strengthen Risk Management, introduction of new products, competitive MCLR-linked rates, etc.

Key initiatives under Direct Credit Schemes during FY2024:

Partnerships & Collaborations: SIDBI has been forging partnerships with various entities to reach out to new MSME segments with focus on customer acquisitions:

MoU with Industry Associations and similar stakeholders: Wherein the latter share leads with SIDBI for financial needs of their members. The Bank has entered into collaborations with reputed bodies, and facilitated partnership engagements with prominent industry bodies through its Regional Offices.
MoUs with OEMs: SIDBI has inked pacts with reputed OEMs and subsidiary/distributors of international OEMs.
Referral Arrangement for sourcing loan applications: Based on the banking landscape and looking at the operations of other major lenders with substantial MSME portfolio, a Referral Arrangement was put in place by the Bank during FY2024 for sourcing of loan applications.

New/Revamped Products:

To expand the scope of straight through processing (STP), the Bank launched a new product to cater to the machinery/equipment finance requirements of MSMEs.
For adoption of improved underwriting practices, existing SPEED scheme was rationalised to process all machinery/equipment financing proposals through Branch Office network under one simplified appraisal format. Accordingly, all other quicker/simpler dispensation models viz. SPEED Plus, PRATHAM, ARISE, etc. processed through Branch Office network were merged into the rationalised SPEED scheme.
To scale up direct credit portfolio, the Bank introduced new overdraft products - SIDBI Assistance for Working Capital using Integrated Financial Tools (SWIFT) and SWIFT Fast Track (SWIFT FT) were introduced - to provide standalone working capital facility to existing MSME units not availing working capital/overdraft facility from any Bank/FI.
As part of the digital user experience, Customer Mobile App ‘SIDBI 4U’ was developed, with the functionalities of the customer web portal.

Green Financing

SIDBI has taken pro-active steps to green the MSME ecosystem with its developmental and financial engagements.
The approach under Green Finance involves three parts: providing financial assistance at competitive rates through Green Finance Schemes for MSME projects, creating an environment to encourage climate-resilient measures, and leading and inspiring other banks and financial institutions to fund energy-efficient projects.

Green initiatives of the year:

Green Financing Ecosystem:

Presently, green operations of the Bank covers two green products/schemes – (i) End-to-End Energy Efficiency (4E) scheme – for existing MSMEs and (ii) Green Finance Scheme (GFS) – for both greenfield and brownfield enterprises.

Under the 4E Financing scheme and GFS, the main objective is to provide financial assistance to MSMEs engaged in reduction of GHG emissions with investment in energy-efficient machinery/technologies as well as renewable projects like solar, wind etc.

During FY2024, SIDBI provided Green Loans to the tune of around ₹8,200 crore to nearly 4,400 MSMEs in over 100 industrial clusters, resulting in electricity savings of more than 1.3 billion units annually. The Bank’s Green portfolio stands at ₹7,376 crore as at the end of FY2024 i.e. 4.5 times up from FY2023.

GIFT & SPICE Scheme (MoMSME):

SIDBI is the implementing agency for MSE Green Investment and Financing for Transformation (MSE GIFT) and MSE Scheme for Promotion and Investment in Circular Economy (MSE-SPICE). The schemes encourage sustainable, eco-friendly practices and renewable energy use in Micro and Small Enterprises (MSEs) by offering concessional financial assistance, such as interest subventions or subsidies, for investing in green technologies.

Mission Solar:

To boost solar rooftop investment by MSMEs, SIDBI has partnered with Solar OEMs, offering incentives like fee waivers and competitive interest rates.

4. Venture Debt/Seed Fund through incubators

Start-up Venture Debt Scheme

The framework for venture debt to MSMEs/startups launched by the Bank in FY2023 scaled up significantly during FY2024. Sanctions increased from ₹36.50 crore to 7 MSMEs/startups in FY2023, to ₹262.25 crore sanctioned to 37 MSMEs/startups during FY2024, taking cumulative commitments to approx. ₹300 crore. The outstanding portfolio increased to around ₹200 crore.

Supporting India of tomorrow - Seed fund through incubators

India, the third-largest startup ecosystem, has immense growth potential with appropriate seed capital. The Bank’s unique model for seed funding of impactful and product/IPdriven startups, in partnership with incubation centres, led to 14 new arrangements, raising the total sanctioned seed fund corpus to ₹121 crore across 16 incubators. An additional ₹50 crore was earmarked for defence sector startups, with ₹25 crore sanctioned for 5 incubators during the year.

III. Direct Lending through Partners

SIDBI established Partner Lending Vertical (PLV), to enhance its outreach among MSMEs with focus on IMEs, by extending direct credit through leveraging the expertise and large network of channel partners viz. NBFCs, MFIs, Fintechs, BCs, etc.

Key operations undertaken include:

1. PRAYAAS Scheme for providing Direct Credit to Micro Enterprises under Partnership Arrangement

During FY2024, the operations under Prayaas were scaled up along with significant digitisation of the entire credit delivery process, with seamless process integrations between the PI and SIDBI. An aggregate sanction of ₹2,390 crore and an aggregate disbursement of ₹2,188 crore was affected to 1,26,107 beneficiaries during FY2024. The cumulative beneficiaries assisted under the programme stood at 2,07,657. The outstanding as on March 31, 2024, was ₹2,502 crore. The scheme is presently operational through 25 Partner Institutions in 25 States and 3 Union Territories.
A pilot scheme - Individual Enterprise Scheme (IES) - under Prayaas 2.0 was operationalised under NRLM/SRLM mechanism through Cluster Level Federations (CLFs) for extending loans to SHG members.

IV. SIDBI Cluster Development Fund

To promote cluster development, SIDBI set up the Cluster Development Fund (SCDF) with a ₹7,000 crore corpus to provide low-cost funding to State Governments for infrastructure development in MSME Clusters. Launched in December 2021, the scheme covers (1) Industrial and agri-allied sectors, (2) Social sector projects, and (3) Connectivity to MSME clusters. SIDBI will offer support as a soft loan to State Governments for 7 years.
As of March 31, 2024, 11 states (including 2 UTs) have availed assistance under SCDF.

2. Co-lending operations

The Bank launched a co-lending arrangement with NBFCs in December 2022 to provide affordable credit to smaller MSMEs, especially new borrowers, as part of its effort to reach underserved/unserved MSMEs.
As of March 31, 2024, 1,532 loans aggregating ₹290 crore were cumulatively disbursed through co-lending Partnership with 8 NBFCs.

3. Purchase of Loan Assets from NBFC by way of Direct Assignment

The Bank expanded its services by engaging in direct assignment to diversify its reach with NBFCs. Operations began with the purchase of an MSME pool worth ₹49 crore out of a total approved pool buy-out of ₹1,000 crore to 3 NBFCs/HFCs.

During the year, a variety of projects for MSME cluster infrastructure development have been covered under SCDF. Cumulative disbursement of ₹2,252 crore was affected as on March 31, 2024, and the outstanding as on March 31, 2024, was ₹2,111 crore. A total of ₹1.72 lakh MSMEs have benefited directly/ indirectly and 14.61 lakh persons have gotten employment either directly or indirectly.

SIDBI Cluster Intervention Programme (CIP)

SIDBI is implementing the Cluster Intervention Programme (CIP) in select clusters across manufacturing, services, and innovation to strengthen the MSME ecosystem.

The programme has successfully achieved its objectives by building capacities of MSMEs, business development service providers, industry associations, academic and government institutions.

Started as a pilot in FY2022 with five clusters (Tourism in J&K, Wooden Furniture in Jodhpur, Innovation in NCR, Handloom in Bargarh, and Leather in Chennai), the CIP expanded to 20 additional clusters across India in FY2024.

V. Equity Finance

Venture finance to startups/Fund of Funds: Under Fund of Funds, SIDBI contributes to SEBI-registered Venture Funds/AIFs, which must invest a specified portion of their corpus in MSMEs/startups as per the scheme’s mandate.

Fund of Funds operations:

Fund of Funds for Startups (FFS): The Fund of Funds for Startups has a total of ₹10,000 crore and contributes to SEBI-registered venture funds/AIFs. FFS had gross commitments of ₹10,805 crore to 138 AIFs, thus resulting in the total corpus of ₹10,000 crore being allocated well ahead of the originally envisaged timeline of March 2026.

ASPIRE Fund of Ministry of MSME, Government of India: SIDBI is managing the ASPIRE Fund worth ₹310 crore which is aimed at supporting startups in the agri and rural industries’ sector. In the last financial year, ₹115 crore to 4 AIFs were approved, taking total commitments under the scheme to ₹217.50 crore.

Uttar Pradesh Startup Fund: The Government of Uttar Pradesh launched a startup fund worth ₹1,000 crore, managed by SIDBI. Last FY, the government released an additional ₹100 crore for facilitating contribution to various AIFs encouraging them to invest in startups, taking the total amount of fund released to ₹225 crore. During FY2024, ₹215 crore was committed to 6 AIFs under the scheme. Thus, the entire amount of funds released by Government of UP till date stands committed.

New State Fund of Funds onboarded during the year: As indicated above, three new state Fund of Funds were onboarded during FY2024:

Odisha Startup Growth Fund: The fund was operationalised during FY2024 and as against present allocation/corpus of ₹100 crore, SIDBI has already committed ₹75 crore to 4 AIFs.

Operations under India Microfinance Equity Fund (IMEF):
The Government of India launched IMEF to provide equity support to smaller microfinance institutions (MFIs) to promote economic empowerment and financial inclusion. The Bank actively engaged with self-regulatory organisations and held discussions with MFI founders in regions like the North-East and East. As a result, assistance of ₹19 crore was sanctioned to 10 MFIs in the last financial year.

Bihar Startup Scale-up Financing Fund with allocation of ₹50 crore was also launched during the year.

Technological interventions/Upgradations:
SIDBI, in collaboration with DPIIT, launched an investor connect portal with an AI-driven matchmaking facility for startups seeking funding. The portal has received an encouraging response in connecting startups with potential investors.

Fund of funds for Maharashtra: With corpus of ₹100 crore, the fund of funds is expected to be operationalised in FY2025 for Maharashtra based startups.

A comprehensive risk management system has been set up by the Bank to cover a wide range of areas, such as Credit Risk Management, Market Risk Management, Operational Risk Management, Internal Capital Adequacy Assessment Process and Business Continuity Management.

The Bank’s Risk Management Committee monitors and manages the risks involved in its lending and treasury operations, as well as off-balance sheet items.

Initiatives during the year:

BASEL-III implementation: The Bank’s policies have been revised and approved by the Board - as per RBI Master Directions on Basel III, and systems for CRAR computation have been developed. The Bank is prepared to implement Basel III starting April 1, 2024.
Development of Security Information Exchange using Blockchain Technology: SIDBI has established a blockchain-based ecosystem for Security Information (SI) Exchange to provide real-time, immutable data and track loan assets, reducing the risk of misrepresentation. The ecosystem aims for nationwide adoption among Non-Banking Participants (NBPs) like NBFCs/MFIs and Institutional Participants (IPs) such as Banks/FIs, becoming the standard for security information exchange and boosting MSME funding through NBPs.
Introduction of revamped EXPRESS Model for automated sanction of proposals under Straight Through Process (STP) using BRE.
Revamped SMART 2.0 by incorporating data from GST, Bank statements, ITR, Credit Bureaus, etc., for objective proposal scoring; increased limit to ₹7.50 crore to expedite sanctions.
Enhanced Early Warning System (EWS) with:
- Single Sign-On for users,
- Updated frequency/threshold/alert logics,
- New iOS and Android mobile app for access on the move,

SIDBI has been laying lot of emphasis in maintaining quality of portfolio and recovery from NPA accounts. A Board level ‘Recovery Review Committee’ (RRC) is constituted to review all individual NPA cases having principal outstanding of ₹5 crore and above. Further, the Bank has set up Asset Recovery Vertical (ARV) units to handle recovery related matters.

Recovery of ₹277 crore has been made during FY2024, (excluding recovery of ₹21.23 crore from fresh NPAs). While Gross NPA of the Bank at the end of FY2024 stood at ₹84 crore (as against ₹29 crore in FY2023), net NPA was Nil (as against ₹9 crore in FY2023).

SIDBI aims to reduce information asymmetry and support policymakers through knowledge products published with Credit Bureaus, etc., in multiple Indian languages.

MSME Pulse: An initiative by SIDBI-Transunion CIBIL, tracks credit health using data from over 5 million MSMEs in the CIBIL database, offering insights to institutional lenders and stakeholders.

Microfinance Pulse: A SIDBI-Equifax quarterly report on credit trends in the Microfinance sector; based on the Equifax database, it provides data-backed policy insights.

FinTech Pulse: A half-yearly SIDBI-Equifax report on Fintech lending, focussing on new-age Fintech providing credit to underserved or unserved populations.

SPeX: In partnership with Dun & Bradstreet, the SIDBI-D&B Sustainability Perception Index gauges MSMEs’ perception and readiness for sustainability, focussing on cluster-centric MSMEs. It serves as a quantitative measure for associations and policymakers to encourage businesses to adopt an ESG framework in their strategies.

JOCATA SUMPOORN: SIDBI and JOCATA has designed MSME Economic Activity Index - Sumpoorn. This MSME specific high frequency indicator captures the economic activity of India’s growth engine with regards to MSMEs.

ECO Lens: An in-house monthly bulletin launched in January 2024, it provides a perspective on major economic indicators related to SIDBI operations.

Saaransh: A monthly edition encapsulating promotional, developmental and financial initiatives by SIDBI for the betterment and upliftment of MSME ecosystem.

Launch of revamped SIDBI website: On January 01, 2024, Bank launched its revamped website enhancing user experience and friendliness. New website promotes tailored and segmented credit schemes addressing customer needs.

Digital technology is being used to support the different micro, small and medium-sized enterprises programmes by SIDBI. The Bank has been digitalising its decision making and lending processes as well as implementing digital interventions in the ecosystem. Some of the important digital projects undertaken by the Bank are:

GST Sahay
SIDBI, Online PSB Loans Ltd (OPL) and iSPIRT developed a reference GST Sahay App using Open Credit Enhancement Network (OCEN) and Account Aggregator (AA) frameworks. The app facilitates ‘on tap’ invoice-based (cash flow based) small value credit to micro enterprises as a paperless journey from origination to repayment using trade data from GSTN, bank information through AA, Credit bureau status, e-sign, e-stamping, e-NACH, etc.

During the year, SIDBI entered into an MoU with Pharmaceutical and Medical Devices Bureau of India (PMBI), Department of Pharmaceuticals to provide invoice-based financing and small term loans to Jan Aushadhi Kendras (JAKs) providing generic medicines at affordable prices. There are 10,000 JAKs and another 15,000 are proposed to be set up and will be assisted through GST Sahay.

MSME Formalisation Project: Udyam Assist Platform
- Udyam Assist Platform (UAP) with SIDBI as the Implementing Agency, was inaugurated by the Hon’ble Minister of MSMEs, GoI on January 11, 2023, to register Informal Micro Enterprises (IMEs) i.e. micro enterprises not registered under the GST regime.
During FY2024, over 100 Designated Agencies (DAs) comprising Regulated Entities like banks, NBFCs, MFIs, etc. onboarded UAP taking their overall number on UAP to over 166.

During FY2024, over 150 lakh unique IMEs were registered through UAP taking the aggregate number of unique IMEs registered on UAP to over 166.48 lakh.

Various outreach programmes, especially with MFIs, have been held during the year for onboarding their IME customers.

FIT Rank
CIBIL, in collaboration with Online PSB Loans Limited (OPL) and under SIDBI’s mentorship, launched FIT Rank for MSME lending, using GST, Bank Statements, and ITRs to triangulate financial, income, and trade data. This model leverages machine learning to assess the probability of an MSME becoming an NPA in the next 12 months, enhancing risk differentiation and credit underwriting. SIDBI uses FIT Rank for Express Loans, and several financial institutions are implementing it for Working Capital loans, GST Sahay, Business Loans, Loans against property, and more.

TReDS
The RBI introduced the TReDS platform to help MSMEs promptly realise their receivables by uploading, accepting, discounting, trading, and settling invoices. Open to MSME sellers, corporate and government buyers, and financiers, TReDS transactions are “without recourse” to MSMEs, meaning they aren’t liable if transactions fail. TReDS helps MSMEs access working capital more easily.

SIDBI is the promoter of one of the TReDS platforms, i.e. Receivables Exchange of India Limited (RXIL). After receiving RBI approval, SIDBI started TReDS operations as a Financier on RXIL platform in February 2022 and on M1xchange in December 2022. Further, Bank has onboarded the third TReDS platform i.e. Invoicemart.

During FY2024, SIDBI discounted 3.15 lakh invoices of 3,800 MSMEs for ₹7,213 crore. Limits of ₹1,925 crore were sanctioned to 62 buyers, including 8 CPSUs and 1 State PSU, making SIDBI one of the top 5 financiers on the RXIL TReDS platform.

PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) Scheme

The Ministry of Housing and Urban Affairs (MoHUA), Government of India, has been implementing the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) since June 1, 2020, to provide microcredit to urban street vendors impacted by COVID-19. SIDBI, as the implementing agency, launched a portal for the scheme on July 2, 2020. Initially set to run until March 31, 2022, the PM SVANidhi scheme has been extended to March 31, 2028, with fresh lending continuing until December 31, 2024.

The status of loan under the scheme as on March 31, 2024, is:

PM Vishwakarma Scheme

The Bank is the implementing partner for several Government of India schemes, including the PM Vishwakarma Scheme, launched on September 17, 2023, to enhance the quality and reach of products and services by artisans and craftspeople. The scheme has received over 175 lakh applications within six months, with applications undergoing a three-stage verification process.

Production Linked Incentive (PLI) Schemes:

The Government of India launched Production Linked Incentive (PLI) Schemes to boost domestic manufacturing and encourage Make-in-India across various sectors. SIDBI is the Project Management Agency for the PLI Schemes for Pharmaceuticals and Telecom & Networking Products, both of which operate digitally, covering application processing, project monitoring, and incentive approvals. The total outlay is ₹15,000 crore for Pharmaceuticals and ₹12,195 crore for Telecom and Networking Products.

Under the Telecom and Networking Products scheme, 42 companies (28 MSMEs and 14 non-MSMEs) are approved, committing ₹4,014 crore in investment, expected to generate ₹2.37 lakh crore in additional sales and over 44,000 jobs. For the Pharmaceuticals scheme, 55 applicants, including 20 MSMEs, have been selected to receive incentives.

Scheme for Strengthening of Pharmaceuticals Industry – SPI:

The Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, launched the Scheme for Strengthening of Pharmaceuticals Industry (SPI) on July 21, 2022, to support pharmaceutical clusters and MSMEs in enhancing productivity, quality, and sustainability. The programme has a budget of ₹500 crore and includes three sub-schemes, with an online portal (https://spi.udyamimitra.in) managed by SIDBI for applications. In FY2024, grant assistance of ₹118 crore was sanctioned for six Common Facility Centres in pharma clusters across the country, with ₹44 crore released, including ₹23.75 crore in FY2024.

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Animal Husbandry Infrastructure Development Fund (AHIDF)

A fund of ₹15,000 crore has been set up to encourage investments in establishing Dairy Processing & value addition infrastructure, Meat Processing & value addition infrastructure and Animal Feed Plants.

The Bank is partnering with the Department of Animal Husbandry & Dairying, MoFAHD, GoI to implement the scheme.

As on March 31, 2024, 5,500+ applications have been received on the portal and the applications amounting to ₹6,100+ crore have been sanctioned.

National Livestock Mission (NLM)

The Government of India, through the Department of Animal Husbandry & Dairying, is implementing the NLM scheme to increase animal productivity and production of various products. The government has engaged SIDBI as an implementing partner to monitor and process online applications in a transparent manner, as well as manage subsidies.

The online portal (https://nlm. udyamimitra.in) was launched by Hon'ble Union Minister, MOFAHD.

As on March 31, 2024, 763 applications have been approved and a total subsidy of 165.44 crore has been released to the beneficiaries.

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Special Credit Linked Capital Subsidy Scheme (SCLCSS)

The Special Credit Linked Capital Subsidy Scheme (SCLCSS) was created in May 2017 as part of the National SC-ST Hub (NSSH) to help SC/ST-owned MSEs upgrade their technology by providing a 25% upfront capital subsidy for the purchase of plant and machinery and equipment through institutional credit. Since the launch of the Scheme, capital subsidy claims aggregating ₹159.51 crore to 1,320 units have been released through SIDBI. During FY 2023-24, claims aggregating ₹62.13 crore to 542 units have been released.

Stand Up Mitra & Udyamimitra Portals (Twin Portals) (www.udyamimitra.in, www.standupmitra.in)

SIDBI, with support from DFS, has developed and maintained the Standup India and Udyamimitra portals under the Standup India programme since 2016. Over 400 banks, NBFCs, and MFIs, connecting over 1.61 lakh branches, are registered on the portal. The Udyamimitra portal was revamped to enable SIDBI’s digital implementation of various credit/MSME schemes under different ministries, with customised workflows for multiple stakeholders. This plug-and-play model reduced onboarding time and enhanced programme efficiency.

SIDBI also created separate portals for different government programmes, allowing for customised branding and easy integration with Udyamimitra, making it a valuable digital asset for SIDBI.

The portals for various programmes are listed on the below-mentioned platform:

Name of Programme	Name of Ministry	Programme Portal
Stand Up India	Department of Financial Services - Ministry of Finance	https://portal.standupmitra.in/
National Livestock Mission	Department of Animal Husbandry & Dairying - Ministry of Fisheries, Animal Husbandry & Dairying	https://nlm.udyamimitra.in/
Animal Husbandry Infrastructure Development Fund	Department of Animal Husbandry & Dairying - Ministry of Fisheries, Animal Husbandry & Dairying	https://ahidf.udyamimitra.in/
Production Linked Incentive (PLI) Scheme for Pharma	Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers	https://pli-pharma.udyamimitra.in/
Production Linked Incentive (PLI) Scheme for Telecommunications	Department of Telecommunications, Ministry of Communications	https://pli-telecom.udyamimitra.in/
PM SVANidhi	Ministry of Housing and Urban Affairs	www.pmsvanidhi.mohua.gov.in
PM Vishwakarma	Ministry of Micro Small & Medium Enterprises	https://pmvishwakarma.gov.in/
Strengthening of Pharmaceutical Industry	Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers	https://spi.udyamimitra.in/
Assistance to Medical Device Clusters for Common Facilities	Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers	https://amdcf.udyamimitra.in/
Vendor Connect Portal	Department of Telecommunications, Ministry of Communications	https://vendorconnect.udyamimitra.in/
Swavalamban Challenge Fund	Small Industries Development Bank of India	https://scf.udyamimitra.in/
Swavalamban Connect Kendra	Small Industries Development Bank of India	https://sck.udyamimitra.in/

Brief of some of the initiatives are given as under:

Swavalamban Connect Kendras (SCKs): SCKs aim to empower aspiring entrepreneurs and promote MSEs across India. SCKs provide services like awareness workshops, skill gap identification, connection to skill development programmes, credit access facilitation, handholding support and even market linkages. Launched in 2019 and currently operating in 167 districts across 8 states, SCKs have already reached over 60,000 aspiring entrepreneurs, enabled over 8,200 micro-enterprises (including both new startups and scaled-up existing businesses) and facilitated over ₹63 crore in loans to around 5,515 enterprises.

Swavalamban Connect Desk (SCD): Established in 2022, SCDs aims to empower aspiring entrepreneurs and existing businesses in Uttar Pradesh. They operate in 35 districts providing information on Government Schemes, Credit Access and Handholding Support. In FY2024, SCDs successfully assisted 877 enterprises (559 new and 318 existing), facilitating a total loan sanction of ₹64.21 crore.

Fostering Entrepreneurship through educational institutions: SIDBI signed MoUs with 10 institutes/universities including 3 IIMs and sanctioned financial support to 5 institutes/universities to start Skill to Enterprise Model [STEM] project for aspiring young entrepreneurs during the year. This blended programme combined classroom learning with practical experience i.e. “Learning by Doing” and provides ongoing mentorship and support to help participants to venture into entrepreneurship. Swavalamban Chair has been set-up with 3 Institute of repute under SIDBI Assistance for Harnessing Aspiring Swavalambis (SAHAS) programme with focus to empower MSMEs by improving their financial literacy, credit access and overall financial health through research and capacity building.

Swavalamban Challenge Fund (SCF) - SCF is a competitive digital mechanism to crowd-source innovative and outcome driven solutions to development challenges. It is an endeavour to promote responsible and sustainable finance and aims to provide financial support to non-profit organisation/educational institutions/social start-ups which have focus on sustainable livelihood, green initiatives, financial inclusion, access to financial services and promoting the culture of entrepreneurship. After successful launch of 2 Windows of Swavalamban Challenge Fund supporting 18 projects, the 3rd window of the Fund was launched during the year. Applications from about 500 organisations received and after rigorous evaluation, SIDBI selected 10 organisations to provide financial support who in turn will be reaching about 7,000 beneficiaries directly through their interventions.

Central State Level partnerships for supporting rural micro enterprises - SIDBI provided technical assistance support to the Rural Livelihood Promotion Societies for Bihar and Jharkhand for strengthening activities in nonfarm livelihoods and financial inclusion domain. In Bihar during FY2024, 160 digital financial literacy sessions were delivered to SHG members, 32 BC Sakhis were onboarded to have micro-credit facilities at their centres. In Jharkhand, 636 Bank Sakhis have been trained, onboarded and certified by IIBF and these Sakhis facilitated average digital transactions of more than ₹12 lakh per month.

Interventions in low-income pockets for supporting Livelihoods – SIDBI implemented various projects in low-income pockets for supporting livelihood of vulnerable and underserved populations. The prominent projects included - Jal Sparsh - From Waste to Wealth to improve 100 water ecosystems and empower and create livelihood opportunities for 2,000 women in five states (UP, MP, Bihar, Haryana, Assam). In FY2024, the 100 water bodies have been identified, 2,000 women trained on hyacinth extraction and provided product development training to 1,000 women. Further, under Swavalamban Aatmanirbhar Tribal Entrepreneurship Handholding Initiative (SAATHI), in FY2024 around 230 beneficiaries have been trained and 200 were provided with support kits and started their enterprises. Similarly, in Entrepreneurship Development of Unemployed Youth programme, 210 underprivileged youths completed the training in repair / maintenance of fridge, ACs and washing machines out of which, 95 onboarded with online service platforms to start their livelihood.

Partnership with Microfinance Associations for SHG2ME model - In collaboration with Microfinance Associations Women Entrepreneurship - Livelihood Enhancement and Development (WE-LEAD) programme empowers women entrepreneurs in five states (Odisha, West Bengal, Gujarat, Tamil Nadu, Kerala). The programme offers training, skill development and business support services to over 37,000 women entrepreneurs. During FY2024, over 18,000 women received EDP training, 10,000 SHGs / JLGs members completed skill training and credit linkages to start their enterprises, and more than 7,000 enterprises have been grounded.

Intervention through Social Stock Exchange [SSE] - SSE is an electronic fund-raising platform for listing social enterprises so that they can raise capital as equity, debt or as units like a mutual fund. SIDBI supported 2 organisations through SSE facilitating setting up of about 3,000 livelihood enterprises mainly by women / youth in the State of West Bengal, Jharkhand and Madhya Pradesh.

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