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1 OPTIMiSM सत बर 2017 September 2017 अ क. II (9) Vol. II (9) स प दकय समत Editorial Committee म य स प दक रब क म र द स म य मह ब धक, सडब स प दक मत च आल मह ब धक, सडब र ह ल यदश मह ब धक, सडब ड. श श श खर आच य मह ब धक, सडब Chief Editor Shri Rabindra Kumar Das, Chief General Manager, SIDBI Editors Smt. Chitra Alai, General Manager, SIDBI Shri Rahul Priyadarshi, General Manager, SIDBI Dr. Subhransu Sekhar Acharya, General Manager, SIDBI In this issue Editorial News update SIDBI Plus - Merchant Banking New Banking Frontiers Peer to Peer lending News from the Field Stand-up & Udyami Mitra updates Success Story आथक एव वपणन अन स ध न वटकल सडब, ध न क य लय, 15, अश क म ग, लखनऊ Economic and Market Research Vertical SIDBI, Head Office, 15, Ashok Marg, Lucknow msme@sidbi.in यद आप हम र ई-पक त करन क लए इछ क नह ह, त क पय हम msme@sidbi.in पर स चत कर In case you are not interested in receiving our e-magazine, kindly write back to us at msme@sidbi.in सडब नश क द रभ ष SIDBI Toll free No

2 Seasons Greetings from the OPTIMiSM team!! We are happy to place the September 2017 issue of OPTIMiSM before you. SIDBI has been nurturing entrepreneurial spirit and supporting new ventures through its various schemes and also through its subsidiary SIDBI Venture Capital Ltd. Upscaling its initiatives, SIDBI has created an on-line platform An Economic Times write-up hailed SIDBI as a game changer to the venture capital industry. Excerpts from the news item have been covered in the issue. Another milestone in this direction has been achieved by SIDBI, by way of setting up of 2 nd incubation centre. SIDBI has supported Indian Institute of Management, Lucknow (IIM-L) in setting up the SIDBI Centre for Innovation in Financial Inclusion (SCI-FI) at IIM- Lucknow. A news item in this regard in the state news would of interest to you. As you are aware, SIDBI has started full-fledged merchant banking operations to benefit the expanding number of growth-oriented MSMEs, especially those with a strong technology and innovation quotient. This month s OPTIMiSM brings to you a write-up on SIDBI s Merchant Banking initiatives. Peer 2 Peer (P2P) Lending is the new kid in the financial block. RBI has given its nod for P2P Lending in India. A brief write-up is presented for our readers. Our regular columns like Standup India portal updates, Success story would remain same. Happy reading!

3 News Update SIDBI- IIM, Lucknow Incubation Centre A program, `Creating an eco-system for start-ups', was organised by Indian Institute of Management, Lucknow, in collaboration with Lucknow Management Association. During the conference, the Principal Secretary, IT, Govt of UP, Shri Sanjeev Saran, IAS, informed that the biggest incubation centre in the country will come up at Lucknow." The said incubation centre will provide assistance and funding to new businesses and start-ups. The incubator will come up on 40-acre space near Lucknow airport. He added, that the incubator will give shape to business ideas and fund companies, registered in UP. The Government of UP has increased the budgetary allocation for the Start-up Fund from Rs.10 crore to Rs.1,000 crore and is in the process of requesting SIDBI venture for managing the fund. Speaking on the occasion, Prof. Ajit Prasad, Director, IIM Lucknow informed that SIDBI has set up an incubation Centre named SIDBI Centre for Innovation in Financial Inclusion (SCI-FI) with focus on FinTechs for financial inclusion. SIDBI & Indian Railways MSME Vendor Meet The event Indian Railways-SIDBI MSME Vendor Meet was organized at RDSO Complex, Lucknow. SMERA was the co-organiser of the program. Shri Mohammad. Hussain, Director General (RDSO) and Shri J.S.Sondhi, Addl. Director General (RDSO) addressed the participants at the program and invited MSMEs to participate in railways procurement. In his address, Shri Sondhi informed that, in order to ease entry of more MSME vendors, Indian Railways is to soon start online registration. It was also informed that the railways have taken initiatives for promotion of MSMEs in Railways Procurement System. Railways is already procuring materials worth more than 25% from MSEs against mandatory target of 20% under Public Procurement Policy Scheme of Ministry of MSME. Shri Chandra Shekher Thanvi, Chief General Manager and Shri Arup Kumar General Manager of SIDBI in their address invited the MSMEs to supply quality products to Railways and said that SIDBI is ready to provide financial assistance if MSMEs are interested to purchase latest technology based machines and testing equipment to enhance the quality and production. Railways has also reduced the registration charges for micro and small enterprises from Rs. 25,000 to Rs. 15,000 and extended the period of re-audits to 5 years. Mod. Industrial Infrastructure Upgradation Scheme (MIIUS) Department of Industrial Policy and Promotion (DIPP) under Ministry of Commerce and Industry has approved two projects under 'Modified Industrial Infrastructure Upgradation Scheme (MIIUS)' for development of industrial clusters at Hindupur and Bobbili in the respective districts of Ananatapur and Vizianagaram of Andhra Pradesh. The objective of the above projects is to provide quality and reliable infrastructure to industrial units located in these clusters; specifically these projects aim to provide road network, drainage, power and water supply networks and some other common services like health centres, canteens, creches, dormitories, parking areas, etc. These projects are likely to be functional by 31st March, These projects have employment potential of about 5500 persons (direct) and 8500 persons (indirect). 3

4 News Update Credit Guarantee Scheme for Startups (CGSS) Government is formulating a Credit Guarantee Scheme for Startups (CGSS) with a corpus contribution of Rs 2,000 crore that will enable startups to raise loans without any collateral for their business purpose. The proposed scheme will provide credit guarantee up to Rs 500 lakh per case inclusive of term loan, working capital or any other instrument of assistance extended by Member Lending Institutions (MLIs) to finance a startup recognised by Department of Industrial Policy and Promotion (DIPP). MLIs may provide loans to up to any amount required by an eligible borrower. However, under the scheme, the exposure for availing credit guarantee will be limited to Rs 500 lakh per eligible borrower. Such loan will be extended by MLIs without any collateral security and/or third party guarantee. For all resident directors/partners of the startup, Aadhaar shall be mandatory and for non-resident directors/partners, the passport number shall be a mandatory part of Know Your Customer (KYC) norms. MLIs under the scheme can be scheduled commercial banks and financial institutions, Reserve Bank of India-registered Non-Banking Financial Companies and Securities and Exchange Board of India-registered Alternative Investment Funds. The scheme, which will function under the trusteeship management of the National Credit Guarantee Trustee Company, will provide portfolio-based credit guarantee. Each portfolio shall comprise at least 10 eligible start up loans, during a particular financial year. Insurance Cover for Start-Ups and SMEs Federation of Indian Chambers of Commerce & Industry (FICCI) in association with The New India Assurance Company Limited (NIA), Besso Limited (London Insurance Brokers) and JB Boda Reinsurance Brokers Pvt. Ltd. (JBBRIB), Mumbai launched an Insurance Policy on ATA Carnet for the benefit of Start-Ups and Small & Medium Enterprises (SMEs) in India. The objective of this insurance policy is to facilitate Insurance cover for Start-Ups and SMEs in lieu of Cash Deposit or Bank Guarantee against the issuance of ATA Carnets. FICCI as a National Guarantor for ATA Carnets in India has taken various initiatives for the promotion and smooth functioning of the system in the country. This policy is one of those initiatives to promote use of ATA Carnets among Start-Ups and SMEs in India as they stay away from this service due to current security guarantee requirements in the form of Cash Deposit or Bank Guarantee. It will encourage more and more Start-ups and SMEs across India to make use of ATA Carnets and reap the benefits. "ATA" is an acronym of the French and English word "Admission Temporaire / Temporary Admission". ATA Carnet is an International Uniform Customs document issued in 75 countries including India, which are parties to the Customs Convention on ATA Carnet. The ATA Carnet permits duty free temporary admission of goods into a member country without the need to raise customs bond, payment of duty and fulfillment of other customs formalities in one or a number of foreign countries. 4

5 SIDBI PLUS Merchant Banking SIDBI has started full fledged Merchant Banking operations to benefit the expanding number of growth oriented MSMEs especially those with a strong technology and innovation quotient,. The initiative is aimed at enhancing the access of MSMEs to the capital markets, including the SME Trading Platform and Institutional Trading Platform (ITP). SIDBI is providing merchant banking services, which are as under: IPO (Initial Public Offer), SME IPO, (Small companies graduating to Medium and Medium graduating to large) Debt syndication Valuations Merger & Acquisition Partner Search Listing without IPO at Institutional Trading platform (ITP) of exchanges A separate platform has been created in both the leading stock exchanges viz. BSE & NSE in India to help SMEs to raise equity funding through public issue in stock market. Bombay Stock Exchange BSE, India s oldest stock exchange has a platform called 'BSE SME' for SMEs. As on date 190 companies are listed in the exchange. National Stock Exchange (NSE), the largest stock exchange in India has a platform called 'EMERGE' for SMEs. For SME stocks to get listed and being traded on exchange, the applicant entity has to come up with an IPO at SME platform. As per SEBI guidelines, for raising funds through SME Exchanges, the company should not have post issue paid up capital of more than Rs.25 crore. The benefits to SME for listing are many fold like - easy access to capital, enhanced visibility and prestige, listing tag, encourages growth of SMEs, ensures tax benefits, enables liquidity for shareholders, equity financing through venture Capital, efficient risk distribution, employee Incentives, unlocking of Value, SIDBI has supported over 125 Venture Capital Funds and thus finds an extended service for listing the investee companies on the SME Exchanges. SIDBI has helped one of its customers viz. Perfect Infraengineers Ltd. to raise fund to the tune of Rs.5.77 cr through NSE Emerge and get it listed. 5

6 NEW BANKING FRONTIERS Peer to Peer Lending Peer 2 Peer (P2P) online lending platforms is technology based players who connect lenders with borrowers. It is a form of crowd-funding used to raise unsecured loans which are paid back with interest. The borrower can either be an individual or a legal person requiring a loan. P2P are startups as a special category of non-banking finance companies (NBFCs) and will be regulated by the banking regulator. The final guidelines from the RBI on P2P lending are yet to come. Borrowers, according to their risk category, pay an origination fee (either a flat rate fee or as a percentage of the loan amount raised) to the lending platform. Lenders, depending on the terms of the platform, have to pay an administration fee and an additional fee if they choose to use any additional service (for example legal advice), which the platform may provide. A P2P lending platform provides the service of collecting loan repayments and doing preliminary assessment on the borrower s creditworthiness. It makes a profit from arrangement fees. P2P platforms leverage metrics such as credit scores and social media activity to link borrowers and lenders at favourable interest rates. At present, such platforms have very low regulatory restrictions because they merely act as intermediaries between borrower, lender, and partner bank. The documentation for the lending and borrowing arrangement is facilitated by the P2P platform. The lender transfers money from his/her bank account to borrower s bank account. The platform facilitates collection of post-dated cheques from the borrower in the name of the lender as a proxy for repayment of the loan. It also helps in the recovery process and as part of this, follows up for repayments and if need be, employs recovery agents too. 6

7 News from Subsidiaries / Associates SVCL Ltd., Why SIDBI can be a game changer for venture capital industry (excerpts from the news item in the Economic Times) The trend in capital sourcing marks a silent revolution for the domestic venture capital industry, which has hitherto been majorly dependent on overseas cash. With external money, there is always a fluid situation. Sometimes, it is in one economy, and sometimes it is funding another destination. Also, overseas investors end up bearing the currency risk as much of their returns get eaten away due to currency depreciation. Additionally, the flavor of investments keeps dangling between the early and late stages, and across favourite sectors, says Ajay Kumar Kapur, Deputy Managing Director at SIDBI. The rising interest in SIDBI as a source of capital is evident in the increase in the number of sanctions and capital commitments to fund managers in the last couple of fiscal years. The number of sanctions to funds rose to 37 in FY17 over 11 in FY15, and capital commitments in the last two years have nearly quadrupled -- from Rs crore in FY 2015 to Rs 1,202.5 crore in FY17. "Raising a fund is a highly sensitive and grueling exercise for fund managers, and there are several reasons for native capital helping change the startup investment ecosystem in the country." says DMD. Fund managers are discovering different comfort zones in having a financial backer at home. Furthermore, fund managers say that local money gives them more independence and decision autonomy, compared to financing by larger venture funds such as Sequoia Capital and Accel Partners, which largely run as affiliates of US entities.

8 The modus operandi at SIDBI is more of a facilitator than of an investor. Fund managers piece together their plans and come up with a detailed memorandum wherein they declare the size of the fund, areas they would be investing in, timelines they will follow for investments, terms for managing the fund, and the returns they would expect. Proposals are then vetted by the Venture Capital Investment Committee, or VCIC, which includes Naukri Founder Sanjeev Bhikchandani, IAN cofounder Saurabh Srivastava, software lobby Nasscom s Kiran Karnik and Mohandas Pai, among others. SIDBI commits to invest about 15% to 25% of the fund corpus, post which fund managers have to secure commitments from other entities, and SIDBI then releases the funds. Unlike the international connotation for Fund of Funds that have a closed life and a formal structure, SIDBI has majorly been investing over the past two decades from its balance-sheet and government contributions. It plays the role of Fund of Funds under various heads: A Rs 10,000-crore Fund of Funds sponsored by the government and managed by SIDBI, the Rs 2,000-crore India Aspiration Fund, launched in 2015 and investing in micro, small and medium enterprises, the Rs 60 crore Aspire Fund that invests in agri businesses, and funds received through budgetary allocations. The institution also manages Rs 200 crore from the Life Insurance Corporation of India.

9 News Update SIDBI Venture Capital Participation in "Limited Partners Dialogue" Shri K I Mani, Chief General Manager participated as a panelist in the Limited Partners (LP) Dialogue organised by the Indian Venture Capital Association on August 4, 2017 at Mumbai. The event had participants from the VC industry, pension funds, national and international DFIs, banks, Fund Managers, Law firms etc. The issues discussed were centered around, what possible policy reforms are LPs looking at, LPs views on first time managers, is India positioned as the best among emerging markets, outlook for fund raising via domestic LPs, recent fund raising experience etc. Shri Mani detailed the role being played by SIDBI in the evolution of the VC industry In India SIDBI, Vijyawada Investors Meet organised by Confederation of Indian Industry (CII) An Investors Meet on A Paradigm Shift in Financing MSMEs / Startups was organized by Confederation of Indian Industry (CII) in association with SIDBI on August 30, The programme was sponsored by SIDBI. Around 70 participants including 25 startups, representatives of industry associations, prospective entrepreneurs, students and Government of AP officials participated in the programme. Shri Ravindran A Lakshmanan, Dy. General Manager, Hyderabad BO while addressing the participants, explained about SIDBI's digital initiatives i.e. mitra portals and information portal i.e. smallb.in. He also briefed the participants about Make in India, MUDRA, SMILE schemes and he urged the MSMEs in the region to make use of the schemes and initiatives launched by GOI and SIDBI..

10 News Update SIDBI, Hyderabad Workshop on GST A one day workshop on GST Impact Analysis and Transitional Provisions for Industries has been organized by National Institute of Micro, Small and Medium Enterprises (Ni-MSME) in association with SIDBI on August 09, Around 80 participants from Hyderabad and surrounding areas have attended the programme, who include MSME entrepreneurs, NGOs, Clusters, Industry Associations, Start-Up Entrepreneurs, technical Institutions and other stakeholders. Around 25 customers of SIDBI also attended the program. Shri G. Sampath Kumar, General Manager, ROHY has inaugurated the workshop and addressed the participants about the need for GST, the broad guidelines of GST, its advantages etc. SIDBI, Chennai Seminar-cum-workshop on Women Entrepreneur SIDBI Chennai sponsored an one day Seminar-cum-Workshop organised by Women Entrepreneurs Welfare Association (WEWA) on Business Empowerment & Opportunities to educate women entrepreneurs on A Z practical steps to start and develop business. Around 600 participants benefitted out of the seminar cum workshop. Shri V. Sridhar, GM and other SIDBI officials participated in the inaugural function and addressed the audience. Schemes of SIDBI, MUDRA, Standup India were explained.

11 News Update GST Clinic at Lucknow SIDBI, Lucknow, HO Economic & Research Vertical, organized a GST Clinic on August 23, 2017, at SIDBI Tower, Lucknow, under the banner of newly created MSME Skill and Knowledge Centre for the MSME clients and members of Indian Industry Association, Lucknow. Shri Allada Sreenivas, Chief General Manager, Head Office, SIDBI Lucknow graced the occasion as the chief guest. While narrating various initiatives taken by SIDBI for the benefit of MSME enterprises, more particularly with regard to GST, he emphasized SIDBI s commitment to the service of MSME sector. He said that looking into various needs of the MSME sector, SIDBI has created MSME Skill & Knowledge Centre at its Lucknow office. This centre will cater to the skill & knowledge related needs of the sector by way of organizing workshops / trainings / seminars etc, for the promoters of MSME units. The GST Clinic is the first such program under the banner of MSME Skill & Knowledge Centre and the centre will be organizing more and more such activities, in consultation with the MSME entrepreneurs. Shri Sreenivas indicated that SIDBI will be organizing a number of similar program / workshops for the benefit of MSME enterprises, on various topics concerning MSME sector.

12 Addressing the audience, Shri Arup Kumar, General Manager & Regional Head of Lucknow Region of SIDBI, emphasized the importance of GST in the nation building and urged everyone to take the benefit of the clinic organized by SIDBI. CA (Smt.) Reena Bhargav gave an overview of GST with special emphasis on post GST roll out amendments and Shri SA Khan, IRS (Rtd.), a Certified Master Trainer for GST has dealt with the legal requirements for MSMEs, GST compliances systems & procedures The objective of the clinic was to resolve various issues being faced by MSME customers in the GST portal. Apart from discussing various procedural issues being faced by them, it was also focused on practically resolving the issues by way of handholding the customer, during the session itself, with the help of GST domain experts. Around 25 customers of SIDBI Lucknow and SIDBI Kanpur attended the programme. The participants found the programme as relevant and useful and expressed satisfaction that it resolved many of the issues bothering them. The workshop was a sequel to the previous initiatives of SIDBI in support of GST implementation among MSMEs, which included Round Tables, Hand book on GST, GST Toll Free Helpline and online GST Support Portal, jointly with FISME. Success Story of Stand Up India Shri. Allan Rana, Proprietor of M/s Godfrey Brickfield T. Khullen village of Manipur dreamt of running his own business. However, owing to many roadblocks like poverty and lock of infrastructure in the region, he was unable to materlize his dream. When he approached private money lenders, they agreed to lend on an exorbitant interest rate. He also required working capital to procure raw material to produce enough bricks to meet the demand of the consumers. Shri. Allen Rana, Proprietor M/s Godfrey Brickfield, Manipur Finally, he successfully availed a loan of Rs.40 lakh (Cash Credit of Rs.10 lakh and Term loan of Rs.30 lakh) under Stand Up India on August, 2016 from State Bank of India, Senapati Branch to set up M/s. Godfrey Brickfield, a brick manufacturing plant. The Banker extended all necessary hand holding support in filling up of application form etc. The unit is the first unit in Senapati district, Manipur engaged in manufacturing of bricks with employment of 20 workers.

13 म प टल क म यम स ड जटल सम ध न Digital Solutions through Mitra Portals Data of Stand Up India portal Performance Updated as on Aug 31, 2017 Total Registrations 67,000 Remarks Sanctions online and rest offline Handholding requests 24,158 17,416 were responded # # in eight expertise areas (with top three type of requests being EDPs/Digital Literacy, Application filling/project Report Preparation and Margin money or subsidy). Value add offerings New initiatives Convergence of Credit Bureaus on the portal SBI Merger on the Portal Technology Upgradation SME branches tagging Ease of Access Kits for Handholding Agencies nt or Loan Application Forms in Vernacular Languages Loan application forms for MUDRA, Stand Up, MSME Loan have been made available in vernaculars (Malayalam, Tamil and Telugu) and have been hosted on the home page of the portal under the tab link download, to deepen the outreach.

14 भ रत सरक र म म डल सचव लय ल क शक यत नद श लय य आप अनस लझ शक यत स पर श न ह? आप ल क शक यत नद श लय क क य क अ तगत म लय / वभ ग और स गठन स स ब धत शक यत क सम ध न क लए ल क शक यत नद श लय क सह यत ल सकत ह पछल क छ स ल म, इस नद श लय व र उठ ई गई लगभग नब तशत शक यत क स त षजनक सम ध न कय गय ह अपन शक यत दज कर न स पहल क पय न च द गई शत क य नप वक पढ़:- आपन अपन शक यत क स ब धत वभ ग क सम सम ध न ह त त त कर लय ह आपक शक यत स व म मल ( य ट, ज प एफ इय द ज स स व त हतल भ क भ गत न क अल व ), स ब धत वभ ग क म क तर पर नपट ए गए म मल, व ण यक अन ब ध, य य ध न म मल, ऐस म मल जह नणय ल न क लए अधय यक पत और अप लय य ए नध रत क गई ह, आरटआई म मल, ध मक म मल स स ब धत न ह कस भ क र क स झ व क शक यत क प म नह म न ज एग (क) (ख) (ग) (घ) (ड.) (च) (छ) ल क शक यत नद श लय क क य क अ तगत आन व ल म लय / वभ ग / स गठन क स च र ल म लय (ज) स वजनक क बक ड क वभ ग (झ) स वजनक क ब म क पनय ब एसएनएल और एमटएनएल सहत द रस च रवभ ग () वत म लय क र य बचत कम दल वक स धकरण, भ म और वक स क य लय, स प डय ड (ट) म और र जग र म लय क अ तगत कमच र र य ब म और सपद नद श लय सहत शहर वक स म लय नगम नय त ईएसआई अपत ल और औषध लय प लयम और क तक ग स म लय, इसक स वजनक क (ठ) कमच र भवय नध स गठन उपम सहत (ड) वद श म लय क अ तगत य प सप ट धकरण भ रत य वम नपतन धकरण और एअर इ डय सहत न गर व य और परव र कय ण म लय क अ तगत क य वम नन म लय (ढ) सरक र व य य जन क य म यमक श ब ड, क य वय लय स गठन, र य पयटन म लय म त वय लय न स थ न, नव दय वय लय समत, क य (ण) य वक क यम म लय वववय लय समवववय लय (क य) और म नव स स धन (त) प त परवहन, सड़क परवहन और र जम ग म लय वक स म लय क छ व त कम (थ) न ट : आप हम र व बस ईट पर अपन शक यत ऑनल इन दज कर सकत ह आप अपन शक यत, सप ण स चन और स गत दत व ज क स थ हम ड क/फ़ स य ईम ल व र भ ज सकत ह हमस यह स पक कर:- सचव, ल क शक यत नद श लय, द सर त ल, सरद र पट ल भवन, स सद म ग, नई दल द रभ ष: , , फ़ स:

15 Government of India CABINET SECRETARIAT DIRECTORATE OF PUBLIC GRIEVANCES Unresolved Grievances Bothering You? You may seek help of Directorate of Public Grievances (DPG) in resolution of grievances relating to Ministries/Departments and Organisations under its purview. In last few years, nearly ninety percent of the grievances taken up by the Directorate have been resolved favourably. Please read carefully the conditions listed below before lodging your grievance: You should have exhausted the Departmental remedies for individual grievances. Your grievance should not relate to service matter (other than payment of terminal benefits like gratuity, GPF etc.), a case disposed of at the level of Minister of the concerned Department, commercial contract, a sub-judice case, a case where quasi-judicial procedures and appellate mechanisms are prescribed for decision making, RTI matter, Religious matter. Suggestion of any sort will not be treated as grievance. List of Ministries/Departments/Organizations under DPG's purview (a) Ministry of Railways (i) Public Sector Banks (b) Department of Posts (j) Public Sector Insurance Companies (c) Department of Telecommunications (k) National Saving Scheme of Ministry of Finance including BSNL and MTNL (d) Ministry of Urban Development including Delhi Development Authority, Land & Development Office, CPWD and (l) ESI hospitals and dispensaries directly controlled by Employees State Insurance Corporation under Ministry of Labour and Employment. Directorate of Estates (e) Ministry of Petroleum and Natural Gas (m) Employees' Provident Fund Organization including its Public Sector Undertakings (f) Ministry of Civil Aviation including Airports Authority of India and Air India (n) Regional Passport Authorities under Ministry of External Affairs (g) Ministry of Shipping, Road Transport and Highways (o) Central Government Health Scheme under Ministry of Health and Family Welfare (h) Ministry of Tourism (p) Central Board of Secondary Education, Kendriya Vidyalaya Sangathan, National Institute of Open Schooling, Navodaya Vidyalaya Samiti, Central Universities, Deemed Universities (Central) and Scholarship Schemes of Ministry of Human Resource Development. (q) Ministry of Youth Affairs Note: You can lodge your grievance online on our website You may also send your grievance to us by post or fax with complete information and relevant documents. Contact us at : The Secretary, Directorate of Public Grievances, 2 nd Floor, Sardar Patel Bhawan, Sansad Marg, New Delhi Tel: , , Fax , secypg@nicin Website:

16 अव करण इस अ क म दए गए वच र, सम च र, टपणय, स चन ए, ल ख और वच र म य प स व वक और र य तर क वभन त, ज स - ऑनल इन, य तगत प स और म त त क म यम स उपलध सम च र / वच र क स य जन पर आध रत ह त ह एव य ज़र नह ह क व भ रत य लघ उय ग वक स बक (सडब ) क वच र ह ययप कस भ गलत य च क स बचन क लए हर स भव य स कय गय ह, तथ प इस क शन म दए गए ववरण, वच र, र य, टपणय आद क म णकत क लए य कस भ गलत /भ ल-च क क लए सडब उतरद य नह ह ग Disclaimer The views, news, comments, information, articles and opinions contained herein are mainly based on collation of different news / views available from sources, such as, online, in person and printed resources both globally and nationally, and thereof are not necessarily the views of the Small Industries Development Bank of India (SIDBI). While every effort has been made to avoid any mistake or omission, SIDBI would not be, in any way, liable for the authenticity of data, views, opinions, comments, etc. and for any mistake / omission or commission in this publication or any nature, whatsoever. प नत त क अन मत ल खक(क) क प व-अन मत क बन कस भ क शत ल ख य उसक हस क कस भ प म प न:त त नह कय ज न च हए Permission to Reproduction No published article or part thereof should be reproduced in any form without prior permission of the author(s). पक क सम बन न क लए आपक स झ व और तय ओ क व गत ह स झ व और तय ए msme@sidbi.in पर भ ज ज सकत ह We welcome your suggestions and feedback for enrichment of the magazine. The suggestions and feedback may be sent to msme@sidbi.in. xvi