Everything x Everywhere: The New BMW X3 Launched In Indian Market

* Refreshed and robust appearance with new design elements.

* Modern interiors ensure luxury, practicality of space and ‘X-ness’.

* BMW xDrive all-wheel-drive system to conquer any terrain.

* Power-packed BMW TwinPower Turbo engine offers versatile agility and driving performance.

* #EverythingXEverywhere #thenewX3 #BMWX3        

The new BMW X3 has been launched in India today. The successful Sports Activity Vehicle (SAV), BMW X3 is now sportier and more modern with its comprehensive refreshed look, premium interior with new equipment features and updated infotainment.

Available in locally produced two petrol variants, the new BMW X3 is now available at BMW dealerships from today onwards. The diesel variant will be launched later.

Mr. Vikram Pawah, President, BMW Group India said, “The new evolved third generation BMW X3 is here to continue the model’s trailblazing success in the premium mid-size SAV segment. Refreshed design and driving performance make BMW X3 a luxurious and practical car that is agile on and off-road. You will experience the unbeatable thrill and joy of a distinctive combination of powerful drive, sporty dynamics and comfort. With its independence and individuality, the new X3 packs in unlimited action and is meant for Everything x Everywhere.”

The new BMW X3 is available in two petrol variants at an attractive introductory price (ex-showroom) as follows-

BMW X3 xDrive30i SportX Plus                                      :           INR 59,90,000

BMW X3 xDrive30i M Sport                                            :           INR 65,90,000

*Price prevailing at the time of invoicing will be applicable. Ex-showroom prices inclusive of GST (incl. compensation cess) as applicable but excludes Road Tax, Tax Collected at Source (TCS), RTO statutory taxes/fees, other local tax cess levies and insurance. Price and options are subject to change without prior notice.

For further information, please contact the local authorised BMW Dealer. The new BMW X3 is available in the following metallic paintworks: Mineral White, Phytonic Blue, Brooklyn Grey, Sophisto Grey, Black Sapphire and Carbon Black. The new BMW X3 features Sensatec Perforated Upholstery as standard with the following combinations - Canberra Beige and Cognac.

The new BMW X3 emphasis on classic X-elements as standard. It has a more modern look with a more powerful presence, plenty of space and driving dynamics. SportX Plus variant ensures a greater focus on sportiness and “X-ness”. The M Sport variant is enriched with high-quality X elements.

BMW Service Inclusive and BMW Service Inclusive Plus are optionally available with the BMW X3. These service packages cover Condition Based Service (CBS) and maintenance work with a choice of plans from 3 yrs / 40,000 kms to 10 yrs / 2,00,000 kms and start at an attractive pricing of INR 1.53 per km. The BMW X3 also comes with optional BMW Repair Inclusive that extends warranty benefits from third year of operation to maximum sixth year, after the completion of the standard two-year warranty period. Together, these packages provide complete peace of mind and freedom to enjoy unlimited driving pleasure.

BMW India Financial Services offers an attractive BMW 360? financial plan with ‘drive away monthly price’ of INR 79,999/-, assured buyback of up to 60% and flexible end of term options. Customized financial solutions can be further designed as per individual requirements.

The new BMW X3.

The design of the new BMW X3 makes a sportier orientation. With the redesigned BMW kidney grille, flatter headlights and the new front apron, the new BMW X3 flaunts an absolutely refreshed design appearance. More strikingly shaped and larger BMW kidney grille now comprising of a single-piece frame. The front feature adaptive LED headlights with Matrix function. A black border gives the full LED rear lights a more precise appearance, while the narrower light graphic now includes a three-dimensionally modelled pincer contour and horizontal turn signals integrated in filigree style. The new, flush-fitting free-form tailpipe trims are larger and sportier, conveying a more powerful presence. In the M Sport package, front apron features larger air inlets finished in high-gloss black and air curtains. The sportier rear bumper includes a diffuser finished in Dark Shadow. The M Sport trim includes the new 19-inch Y-Spoke 887M alloy wheels. However, 20-inch M alloy wheels are also available as an early bird offer.

The interior boasts an exceptional level of comfort and functionality in an extremely modern ambience. Exclusive functions such as Multi-function Sport Steering Wheel, electrical seat adjustment with memory function, exterior mirror package add to the comfort. Driver and front passenger enjoy the superior sporty flair of a premium SAV. M Sport has an exclusive set interior package like Sport seats, Sensatec perforated upholstery, M leather steering wheel with multifunction buttons, M interior trim adding the performance-oriented ambience. Panoramic glass roof and Welcome Light Carpet are few among the long list of features that create the perfect ambience. New electroplated trim elements on the air vents add a touch of elegance while emphasising the horizontal lines in the interior. Ambient Lighting with six dimmable designs creates an atmosphere for every mood. Features such as electroplated controls and 3-zone automatic climate control with extended options add to the overall luxurious feel. The boot has a capacity of 550 litres and can be expanded further to 1600 litres by folding down the 40/20/40 split rear seat backrest.

Thanks to the unrivalled BMW TwinPower Turbo technology, the petrol engine melds maximum power with exemplary efficiency and offers spontaneous responsiveness even at low engine speeds. The two-litre four-cylinder petrol engine of the BMW X3 xDrive30i produces an output of 185 kW / 252 hp and a maximum torque of 350 Nm at 1,450 – 4,800 rpm. The car accelerates from 0 -100 km / hr in just 6.6 seconds with a top speed of 235 km/h.

The eight-speed automatic Steptronic sport transmission performs smooth, almost imperceptible gear shifts. At any time, in any gear, the transmission collaborates perfectly with the engine, enabling it to develop its full power and efficiency. Adaptive Suspension with its individual electronically controlled dampers adapts to both road conditions & individual driving style thereby offering exceptional precision and improves the drive and handling dynamics. For even greater driving pleasure, it is available with steering wheel paddle shifters, cruise control with braking function and Automatic differential brakes (ADB) with electronic differential locks as standard. The BMW Performance Control system increases the stability of the car by targeted braking of the wheels.

BMW xDrive, an intelligent all-wheel-drive system, monitors the driving situation constantly and is quick to respond. Electronically controlled ‘Automatic Differential Brakes/Locks’ (ADB-X), extended ‘Dynamic Traction Control’ (DTC), Hill Start Assist and Hill Descent Control help to conquer every terrain.

A host of BMW ConnectedDrive technologies continues to break the innovation barrier in automotive industry – BMW Gesture Control and Wireless Apple CarPlay® / Android Auto. The modern cockpit concept BMW Live Cockpit Professional running on latest BMW Operating System 7.0 includes 3D Navigation, with a high-resolution 12.3” screen instrument cluster behind the steering wheel and a control display. The spread of driver assistance systems is more extensive than ever. Parking Assistant Plus with 360 camera makes parking in tight spots easier by taking over acceleration, braking as well as steering. The car features a 464W Harman Kardon Surround Sound system 16 speaker with individually adjustable equalizing.

BMW EfficientDynamics include features such as 8-speed Steptronic Automatic Transmission, Auto Start-Stop, Brake-Energy Regeneration, Electronic Power Steering, 50:50 Weight Distribution, Driving Experience Control switch with different driving modes such as COMFORT/ECO PRO/SPORT/SPORT+ and many other innovative technologies. 

BMW Safety technologies includes six airbags, Attentiveness Assistance, Dynamic Stability Control (DSC) including Cornering Brake Control (CBC), electric parking brake with auto hold, side-impact protection, electronic vehicle immobilizer and crash sensor, ISOFIX child seat mounting and integrated emergency spare wheel under the load floor.

WealthDesk Partners With ICICIdirect To Expand UWI Vision Across 7 Million Users

* This partnership will open up WealthBasket portfolios from SEBI registered professionals to ICICIdirect’s growing 7 million retail investors.

WealthDesk, a leading investment technology platform that’s building the Unified Wealth Interface (UWI) for Wealth Management ecosystem on top of broking, has partnered with ICICIdirect, one of India’s largest retail brokers with over 7 million retail investors.

UWI is an internet scale wealth management ecosystem that is powered by WealthDesk Platform, and it enables innovative investment and wealth products and solutions like direct equity and ETF based WealthBaskets from SEBI registered professionals to reach millions of Indians with broking accounts.

This partnership will enable ICICIdirect’s users to seamlessly invest in more than 40 WealthBasket portfolios from a wide range of SEBI Registered professionals with investment sizes ranging from as little as Rs.1,000 to Rs. 10+ lakhs. These WealthBaskets can be Long Term, Short Term, Balanced, Asset Allocation based, Thematic, Sectoral, etc. portfolios providing holistic Wealth Management.

Ujjwal Jain, Founder & CEO, WealthDesk said, “ICICIdirect has always been at the forefront of bringing internet based trading to retail Investors. As Bharat as well as India starts to participate more in the Equities markets, we want to introduce managed systematic WealthBaskets and other Wealth Management solutions under our Unified Wealth Interface vision to a larger segment of the retail investor community. Our partnership with ICICIdirect gives any of their retail investors on WealthDesk ecosystem seamless access to these WealthBaskets and other innovative wealth solutions.”

“We are happy to offer research and theme backed WealthBaskets from SEBI registered professionals on WealthDesk to ICICIdirect users. ICICIdirect customers now have the added option of choosing from equity or ETF WealthBasket portfolios as per their investment objectives and risk appetite. We are happy to play our part in democratising high quality investment ideas for the retail investors, “ said Anupam Guha, Head – PWM, ICICI Securities.

About WealthDesk:

Founded in 2016, WealthDesk is an internet scale Investment Technology platform that’s building the Unified Wealth Interface (UWI) for the Asset and Wealth Management ecosystem on top of broking. UWI is powered by the WealthDesk Platform and is built on top of Embedded WealthDesk Gateway (EWG). EWG enables retail investors to seamlessly invest across mobile apps and websites through their broking accounts. WealthDesk captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs, productising these into investment products called WealthBaskets and then enabling large scale distribution through broking partners with strong network effects. For more information, please visit: https://wealthdesk.in/

About ICICI Securities

ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services.

I-Sec operates www.icicidirect.com, India’s leading virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its four lines of businesses -- broking, distribution of financial products, wealth management and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government. I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For details, visit: www.icicisecurities.com

D2C Performance Wear Start-Up Zymrat Secures $500,000 In Seed From Dominor Investment & Anicut Angel Fund

* The round was led by Dominor Investment Holding LLP. Anicut Angel Fund participated as a major investor

* Aditya Somani, Rashmi Daga, Founder- Fresh Menu, Mahesh Agrawal, Mridumesh Rai, Business Director - Alshaya Group, Ankit Somani, Sunil Goyal, Founder - Ladderup Finance, also participated in this round

* The investment will be utilized for category extension, product innovation, hiring and brand building

Zymrat, an innovation-led performance wear brand today announced raising $500,000 in seed funding. The investment was led by Dominor Investment Holding LLP, the funds will be used for category extension, accelerating product innovation, hiring of talent and building awareness and visibility through brand building. Anicut Angel Fund, Angel investors such as Aditya Somani, Rashmi Daga, Founders - Fresh Menu, Mahesh Agrawal, Mridumesh Rai, Business Director - Alshaya Group), Ankit Somani and Sunil Goyal, Founders- Ladderup Finance, also participated in the round.

Founded in 2018 by Ujjawal Asthana and Ankita, Zymrat is an innovation-led performance wear brand with technology at its core. The company offers a wide range of products such as training and running t-shirts, shorts, joggers and outerwear for men. Zymrat, through its extensive focus on raw materials, has created world-class products and IPs that are an industry first. SuperSilva, Zero Odour T-Shirts with sustainable silver ions and The Ball Cooling shorts are some of the recent innovations by the company. 

Speaking about the funding, Ujjawal Asthana, Co-Founder & CEO, Zymrat said, “We are extremely pleased with the trust our investors have placed on us. The activewear and athleisure market has been growing exponentially in India.  We are witnessing 5x more demand for our products in the space we operate in. Repeat rate of 40% has been our biggest product market validator that we are moving in the right direction. We are gearing up to launch 30 new SKUs across categories in the next few months. This capital infusion will help us in using revolutionary technologies to design and develop high performance, durable and unique products.”

Tushar Singh, Managing Partner, Dominor Investments Holding LLP said, “Providing customers world-class athletic wear, based on cutting edge fabric technology and inspiring designs are the core drivers of Zymrat. Having led two rounds of funding at Zymrat, we at  Dominar are very excited at supporting the company in solving a major market gap in India. As the fitness market grows in India, so does the need for an indigenous brand from India that allows every man to feel excited, proud and exceedingly comfortable in what he is wearing, when breaking a sweat.”

Ashvin Chadha, Co-founder - Anicut Angel Fund said, “Innovation through technology is the next step in fashion and we have immense belief in Zymrat and their founders in ensuring high-quality activewear for the customers. We are thrilled to support their endeavors and mission of supporting the commitment of every individual towards self-care, personal health and athletics through one-of-its-kind engineered products. My best wishes to team Zymrat.” 

The company has raised $250K in December 2020 from Dominor Investment Holding LLP as lead, LetsVenture Angel Fund, and other prominent angel investors.

About Zymrat

Zymrat is an innovation-led D2C performance wear brand with technology at its core. With an extensive focus on superior raw materials, they are the makers of world-beating products with industry-first IPs to their credit. Boasting a 40% repeat rate, their engineered performance fabric has garnered instant love across India. Planning to launch 30 new SKUs over the next few months, Zymrat is challenging the status quo across multiple categories such as intensive performance, activewear and athleisure.

LTI Net Profit Up By 18.0% YoY & Constant Currency Revenues Grow 9.2% QoQ And 30.1% YoY

Larsen & Toubro Infotech (BSE code: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q3 FY22 results today.

In US Dollars:

Revenue at USD 553.0 million; growth of 8.7% QoQ and 29.3% YoY

Constant Currency Revenue growth of 9.2% QoQ and 30.1% YoY

In Indian Rupees:

Revenue at INR 41,376 million; growth at 9.8% QoQ and 31.2% YoY

Net Income at INR 6,125 million; growth of 11.0% QoQ and 18.0% YoY

“We are happy to report 9.2% QoQ revenue growth in constant currency. This is our best ever quarterly sequential growth since listing. Our ongoing revenue momentum sets us up to deliver our highest year-over-year growth as a publicly listed company. We continue to have incredible conversations with our customers on their digital transformation journeys.”- Sanjay Jalona, Chief Executive Officer & Managing Director

Recent Deal Wins

-          Selected by one of the largest global veterinary care practices and chain of North American pet clinics, a new logo, for a managed services deal involving cyber security and modernization of IT infrastructure including migration to cloud to gain operational efficiencies and transform clinic management and support

-          Engaged by a Global Fortune 500 multinational pharma corporation to modernize and support its data platform ensuring speed and availability of real time data, scalability for future expansion and optimized cost

-          Selected by a Global Fortune 500 company and a world-wide leader in beauty and cosmetics for implementing its HR Transformation plan. Based on Snowflake technology, the engagement aims to augment next-gen HR Analytics capabilities, one-stop-shop for data, real-time access and mobile friendly solutions

-          Engaged by a Global Fortune 500 energy company to provide ‘Data Management as-a-Service’ for their Subsurface Platform ensuring efficient and seamless operations in a secure, cloud-based environment

-          Selected by a North American utility company for cloud transformation across data, infrastructure, security and ERP systems to build resilient and scalable IT infrastructure

-          A world leader in semiconductor solutions partnered with LTI to rollout SAP S/4HANA to one of their largest manufacturing sites to optimize business performance and improve business agility

-          A financial services firm based in North America has selected LTI to build the necessary functionality to integrate, support and migrate record keeping system onto the Unitrax platform.  This will ensure their distribution, support and operations efforts are streamlined onto a single platform as well as improve time-to-market for new product launches

-          Engaged by an insurance carrier to set up core systems and to design, develop and support a digital platform enabling integration of applications with both external and internal systems

-          Engaged by a global bank headquartered in Europe for digital transformation of its payment processing functionality in 12 countries from legacy systems ensuring scalability, ability to process higher volumes, streamlining and standardization

-          LTI modernized the ERP platform and established a centralized and standardized e-commerce platform for a global mission critical flow control equipment manufacturer and has now been selected to manage applications to drive enhanced customer experience and revenue growth

-          A large bank in Namibia has appointed LTI as its partner on its digital transformation journey. LTI will revamp the integration layer with microservices enabling the bank to become cloud-ready digital leader in its chosen geographies in Africa

-          Selected to partner with one of the largest banks in the Middle East on their wealth management transformation using Temenos Wealth Management Suite ensuring best practices, efficiencies, right shoring and a scalable model for future expansion

Awards and Recognitions

-          ISG Provider Lens™: Digital Business — Solutions and Service Partners 2021

o   LTI Positioned as a Leader in Digital Business Consulting Services – US

o   LTI Positioned as a Leader in Digital Business Experience Services - US

-          LTI Recognized as a Leader in Everest Group's Temenos IT Services PEAK Matrix® Assessment 2022

-          LTI Positioned as a Major Player in IDC MarketScape Worldwide Managed Multicloud Services Vendor Assessment 2021

-          LTI Ranked 5th in HFS Top 10 Energy Services 2021 

-          LTI Positioned as a Leader in Everest Group’s Insurance Platforms IT Services PEAK Matrix Assessment 2022

-          LTI recognized in Gartner Report What Distinguishes Successful Service Providers in the Data and Analytics Services Market, Twiggy Lo, 28 October 2021

-          Fosfor Lumin, the AI-powered augmented analytics product (formerly LTI Leni) recognized in The Forrester Report : Augmented BI Holds New Promises, But It's Still Early Days, November 2021

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

Other Business Highlights

-          LTI has partnered with Securonix and Snowflake to strengthen its cybersecurity offerings and prevent sensitive data from growing threats as enterprises migrate to cloud

-          LTI wins Top Performing Partner Award at Red Hat India

About LTI

LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 475 clients succeed in a converging world. With operations in 33 countries, we go the extra mile for our clients and accelerate their digital transformation journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 40,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees and shareholders. Find more at http://www.Lntinfotech.com or follow us at @LTI_Global.

Invoid Team Joins Credenc, A Capital India Group Company, To Build A Student Focused Neobank

* Credenc through Invoid’s help will bring to market India's first college student focused Neobank 

* Credenc will leverage Invoid’s expertise to seamlessly onboard customers without compromising on security or compliance 

* This collaboration is part of Credenc’s strategy to become one-stop solution for everything that a student needs 

Credenc, a digital education loan platform for higher education today, announced that the team of digital KYC consultants, Invoid has joined Credenc, a Capital India group company. 

Through this partnership Credenc plans to build India’s first college student focused Neobank that will offer tailored products to the aspiring students. Capitalising on Invoid’s expertise, Credenc will remotely onboard customers without compromising on security or compliance.  

Founded by Sarthak Goel and Kunwar Raj Sethi, Invoid, a Y Combinator company simplifies customer onboarding and digital KYC through its technology product. The company has simplified and secured user onboarding journeys for over 50 financial companies. 

Mayank Batheja Co-founder Credenc said, "We are very impressed with the work Invoid has done. The team will play a crucial role in building our onboarding journeys and the Neo Banking product which will change the way students interact with financial services in India. We are very excited to have the Invoid team join us in our journey forward" 

The partnership is central to Credenc’s strategy of building a digital ecosystem that will serve the students like never before. It will be a step towards developing an entire student education ecosystem that will help students and parents with credit, accommodation, employability, savings, forex, and investments.  

Sarthak Goel, Co-Founder of Invoid added, "Invoid will help scale and power user onboarding for Credenc products during the next phase of its hyper growth. Invoid has built products and technology for fintechs and neo banks and is excited to join the Credenc family.” 

As part of their expansion plans, apart from this partnership, Credenc had also recently acquired B2B New Age Digital Platform ObserveNow  to create new business avenues  by reaching out to colleges and students across India.  

The company is determined to raise the bar on providing financial assistance to students and working professionals across India. It is well on track to build a loan book of ?3,000 crore by 2025 and plans to expand its reach to tier 2 and 3 geographies in India in the coming years to ensure education is accessible and affordable for all. 

About Credenc 

S.K. Narvar promoted Credenc, a unique platform to finance meritorious students for their college expenses by underwriting their employability, rather than the means available to their families. Credenc is disrupting the domestic higher education financing market with its future income prediction model which ensures the best students of the country are not starved for funds for their higher education. 

Prodapt Acquires “Silicon Valley Based Synophic Worldwide”

* Acquisition to help Prodapt strengthen and grow transformational network services by 200% annually

Prodapt, the leading consulting, technology & managed transformational services provider to the Connectedness vertical, announced that it acquired “Synophic Worldwide”, a global company providing network transformational and managed services to Digital Service Providers (DSPs), ISVs, product and platform companies.  

Founded in 2009, Synophic employs over 600+ people globally, and is a trusted partner for leading OEMs/NEMs, ISVs, and Enterprises for their technical depth and matured managed services execution in the network design, engineering, and NOC services. This acquisition further expands Prodapt’s presence in the US/LATAM regions and provides an entry into the APAC markets including Japan, Philippines, and Australia. 

Prodapt had earlier announced plans to invest US$45M in deepening its capabilities in network virtualization and cloudification segment, and the Synophic acquisition is part of this investment strategy. Additional investments have been planned in areas around Network cloud, Autonomous networks, and NetSecOps. 

With Synophic’s acquisition, Prodapt strengthens its network services portfolio and enables Prodapt to offer end-to-end services around network transformation, network orchestration, and automation to network-managed services.  

“I am delighted to welcome Kondal Rao and the Synophic Worldwide team to the Prodapt family,”  said Vedant Jhaver, Chairman and CEO of Prodapt. “Synophic’s wide range of capabilities in network solutions, cloud, IoT, mobility, data centers, and security augments our portfolio of network transformational services and further expands our services that help accelerate connectedness.” 

Synophic is Prodapt’s third acquisition this financial year. Prodapt earlier announced the acquisitions of Innovative Logic and SLR Dynamics. These acquisitions further enhance Prodapt as the partner of choice for the largest companies in the Connectedness vertical.  

Joining forces with Prodapt will help expand our managed services and network transformation portfolio. This will also open a plethora of growth potential for the employees of Synophic,” said Kondal Rao, CEO, Synophic Worldwide. “I am pleased to be part of the Prodapt team and excited about the multi-fold scale with which we can operate and leverage Prodapt’s transformational expertise in delivering solutions to our customers.” 

Avendus Capital was the exclusive financial advisor to Prodapt on this transaction while BDA Partners acted as the exclusive financial advisor to Synophic Worldwide. 

SIDBI Pumps In `650 Crore To Reach Out To Low Rated / Unrated NBFCs And MFIs Through RBI’s Liquidity Facility

 

Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small & Medium Enterprises (MSMEs),  has sanctioned financial assistance of `650 crore to two Small Finance Banks (SFBs) viz. AU SFB and Jana SFB, so as to reach out, through the SFBs, to small-sized Non-Banking Financial Companies(NBFCs) / Micro Finance Institutions (MFIs) who in turn provide financial assistance to the small businesses and micro entrepreneurs. 

The role of relatively smaller NBFCs and MFIs, which usually operate in remote geographies (including credit deficient, backward and aspirational districts), in the socio-economic development of the country is well established. They normally cater to the informal MSME sector, especially new to credit businesses, small retail trade, micro credit and other small household businesses, etc. in the hinterland due to their unique advantage of ‘next-door’ presence and accumulated knowledge about their clientele over a period of time (as compared to banks and larger NBFCs). 

The COVID-19 pandemic has adversely impacted the businesses of MSMEs leading to slow-down in income generation activities of these small businesses and micro enterprises. This has further adversely affected the collections and liquidity position of the NBFCs and MFIs. The smaller NBFCs / MFIs, in particular, have always faced challenges in accessing adequate institutional funding and generally source their funds support from other larger and well-established non-banking companies / SFBs.  

Talking about the assistance being extended by way of this double intermediation measure, Shri Sivasubramanian Ramann, Chairman & Managing Director, SIDBI said “The move is expected to benefit more than 40 small-sized NBFCs / MFIs which will help in mitigating the hardships being faced by such NBFCs / MFIs in garnering resources for their businesses.” 

An amount of `530 crore has already been released to these SFBs. The financial assistance has been extended out of the Special Liquidity Facility of `16,000 crore sanctioned by Reserve Bank of India to SIDBI to meet the challenges being faced by the MSMEs due to the prevailing Covid-19 pandemic situation.”