GUWAHATI, June 27: The Small Industries Development Bank of India (SIDBI) held its 24th Annual General Meeting on June 25, at its head office in Lucknow. In the meeting, the audited financial results of SIDBI for the year ended March 31, 2022, were approved, where Sivasubramanian Ramann, IA&AS, chairman and managing director of SIDBI, briefed the members about good growth in the business of SIDBI during FY 2021-2022. Notably, as per information, SIDBI has achieved overall growth in all business verticals. Disbursements of SIDBI increased from Rs 96029 crore in FY2021 to Rs 143758 crore in FY2022, a growth of 50%. Total assets of the bank increased from Rs 1.92 lakh crore to Rs 2.47 lakh crore, a growth of 29%. The bank has also achieved an income of Rs 9139 crore and a net profit of Rs 1958 crore in FY2022. Its net worth increased by 14% to Rs 23497 crore and the Earnings Per Share (EPS) was Rs 36.79 in FY2022.
During the occasion, Ramann maintained, “We, at SIDBI, are working towards strengthening and deepening the MSME sector. SIDBI aims at growing its balance sheet to `5 trillion to facilitate increased credit to the MSME sector, in line with the Government of India vision of making India a USD 5 trillion economy.”
Notably, SIDBI has been a pioneer in developing digital interventions like PSB Loans in 59 minutes and the Receivables Exchange of India (RXIL) (TReDS platform). Bringing convergence in the developmental and financing roles of the Bank, SIDBI is developing new channels for credit intervention. One such channel, GST Sahay, a first reference app for invoice-based financing (not invoice discounting) for small businesses, is under development. Another digital intervention aimed by the Bank is the MSME Formalisation Project, which aims to provide MSMEs with better digital access to Governance, Markets, and Financial Services.
SIDBI is further supporting the Open Network for Digital Commerce (ONDC), an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), to promote open networks for the exchange of goods and services over digital/electronic networks. Additionally, SIDBI has also been streamlining and digitising its credit processes creating an end-to-end solution starting from the inquiry of loan to disbursement.