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2012-08-17

SIDBI focuses on MSMEs for factoring

The Small Industrial Development Bank of India (SIDBI) has said that it is focusing on the micro, small and medium enterprises (MSMEs) to create awareness about factoring services among them.

The Small Industrial Development Bank of India (SIDBI) has said that it is focusing on the micro, small and medium enterprises (MSMEs) to create awareness about factoring services among them.

"MSME is one of the important sectors, which is providing employment to 70 million people and manufacturing various products," said Sushil Muhnot, CMD, SIDBI at a seminar in Jaipur.

"We are focusing on filling gap in the MSME ecosystem and creating awareness about factoring which can help MSMEs to do business in new ways," Muhnot told reporters.

"Recognising significant contribution of MSMEs in economy, the problem of delayed payments and receivable management and various limitations in the growth of factoring services, the government of India has taken serious efforts," he added.

Factoring refers to the sale of a business’s unpaid invoices to an outside firm known as factors. Quid pro quo, the factor pays a percentage of invoiced amount as an immediate advance minus a discount/interest fee deducted on acceptance of payment from the debtor on the maturity date or before.

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