Kolkata, Feb 22 (IANS) Small Industries Development Bank of India (SIDBI) will launch a venture capital fund of Rs.1,000 crore ($220 million) to provide loans to small and medium enterprises (SME) sector, a top official of the bank said Tuesday.
“We are in the process of launching the venture capital fund to provide loan to the SME sector. The corpus of the fund will be Rs.1,000 crore,” SIDBI deputy managing director N.K. Maini told reporters on the sidelines of a programme organised by the Conferderation of Indian Industry (CII) here.
Maini said total disbursements of the bank were expected to grow at a rate of 15 to 20 percent this fiscal.
The asset size of the bank, which was Rs.37,000 crore last fiscal, was expected to be about Rs.41,000 crore in the current financial year.
“Total loans sanctioned and disbursements were Rs.35,000 crore and Rs.32,000 crore respectively in FY ’10,” he said.
SIDBI has launched an Electronic Discounting Platform, christened ‘N-TREES’, for bill discounting of SME sector, Maini said, adding a business development service website has also been launched.