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Sidbi to provide adequate equity support to MFIs

Sidbi to provide adequate equity support to MFIs
PTI
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First Published: Fri, Apr 09 2010. 04 09 PM IST
Updated: Fri, Apr 09 2010. 04 09 PM IST
Kolkata: Small Industries Development Bank of India (Sidbi) would provide adequate equity support to micro- finance institutions (MFIs) in a big way to enable them maintain capital adequacy ratio.
Sidbi chairman and managing director R N Malla said: “We will provide equity to big MFIs which have registered themselves as NBFCs (non-banking financial companies).”
He said that this would help them maintain the desired capital adequacy ratio of 15% during 2010-11.
Malla told reporters here that Sidbi had committed a Rs500-crore support to MFIs across the country, out of which Rs100 crore would be in the form of equity and the rest through sub-ordinated bonds.
He said that another fresh commitment of Rs500 crore was likely to be made this financial year.
Malla said that during the current financial year, Rs10,000-15,000 crore would be raised from the market by floating bonds.
He said that Sidbi was also talking to multilateral funding institutions like World Bank and others for a $300 million credit.
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First Published: Fri, Apr 09 2010. 04 09 PM IST