MSME Finance -GCCI Industry Committee organizes interaction with CMD SIDBI – S Ramann

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The Chairman & Managing Director of SIDBI, Mr. S Ramann, (IA&AS) paid a courtesy visit to the Goa Chamber of Commerce & Industry on 17 SEP’21. He was accompanied by Mr. Pranav Piyussh, AGM, SIDBI.

GCCI President, Mr. Ralph De Sousa  in his welcome address said that as the apex industry association of Goa, GCCI represented a major chunk of Goa’s industry and that its members were keen to understand and avail the various finance options offered by SIDBI to the industry.  MrGautam Raj, Plant Head, MRF and Member, Industry Committee of GCCI introduced Mr. S Ramann, and MrShambhuKalangutkar, Member, GCCI Industry Committee presented MrRamann a floral bouquet.

MrRamannsaid that he was happy to visit GCCI as industry bodies are important for sharing information. He informed the gathering that he had joined SIDBI as CMD in the middle of the second wave of Covid. He said that looking at the bright side, it was that dark phase that had compelled the banking sector to adopt technology at a furious pace.  He said that creating a repository of authentic data of borrowers makes credit assessments easy and the NeSL – National e-governance Services Ltd. is a perfect example of how technology could be used to harness data of a borrower’s debt exposure and in turn help the financial institution in loan disbursements. He said that SIDBI has computerized its lending operations and was awaiting the Goa Government’s approval of the digital stamping system. This would eliminate paperwork and make disbursement efficient. He said that there are 15-20 schemes offered by SIDBI to MSMEs of different sizes. He said that  SIDBI Goa would be more than happy to share information on all schemes with GCCI.

Mr. Raj Kumar Kamat, Chairman of, GCCI  Industry Committee said that SIDBI  is an organization that understands the industry. He requested the CMD, MrRamann to consider taking over other banks’ loans as this would relieve many businesses which are suffering due to unreasonable demands from banks. Mr. Raj Kumar Kamat then requested members to air their views to the CMD.

Members expressed their appreciation of SIDBI’s assistance in providing finance and working capital loans.  However they said that this had yet to translate in EODB for business as there was still a lot of paperwork involved, processes were not streamlined, there was duplicity in the information required by numerous departments. Thus despite lowering of interest rates by RBI, this has not percolated to the business community as Banks are not forthcoming in their disbursements. One member pointed out that a problem peculiar to the ITES industry was that its principal investment was in its software. Therefore offering any collateral security to a financial institution to secure loans was nearly impossible. Mr. Ralph De Sousa agreed and said that the current regulations are based on the brick & mortar industry. As assets are minimal in the  IT & ITES industry it was difficult to source finance. Women Entrepreneurs said that they were looking for microfinance and requested SIDBI’s assistance. 

SIDBI CMD MrRamannwas spontaneous in accepting the genuinity of the various requests and promised to come up with suitable solutions. He was open to taking over the loans from the banks where MSMEs face difficulty.

MrYatinKakodkar – Hon. Secretary, GCCI Managing Committee proposed the Vote of Thanks.

Others present were: MrDamodarKochkar – President, GSIA, Mr. Ganesh Shenoy – President, of Corlim Industrial Estate, MrJayeshRaiker&MrSandeshDhareshwar- Members, GCCI Industry Committee,Ms. Asha Arondekar- Global to Local, MrPrasadSawant, Buoyancy Consultants,MsShreemiPanandikar – Silverline World, Mr. Blaine Alvares – MARC, MsPrachi S Bhobe – CAM Industrial Services.   MsPallaviArondekar, DyDirector  compered the session

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