Mauritius | Finances

April 12, 2014

DBM: Two Indian Strategic Partners at Work

The Small Industries Development Bank of India (SIDBI) and the Bank of Maharashtra . Both eyeing side of the Development Bank of Mauritius (DBM).

They are, however, involved in the restructuring process within the bank. And Parliament on Tuesday, the Minister Xavier Duval had his side said the two Indian banks have even expressed interest to buy more than half of the shares of the bank. 

As part of the restructuring, these banks also conduct consultations for the DBM to offer new services, including micro-credit to small and medium enterprises (SMEs). "Loans will be based on the formula proposed in the Small Industries Development Bank of India (Editor's note, one of India's strategic partners DBM), adapted to the local context, " said a source from theDevelopment Bank of Mauritius (DBM) which participates in the restructuring process. However, she did not want to explain the formula advocated more because "the project is not yet ripe."

However, criticism has been leveled at the micro, which some, borrowers locked in a spiral of debt. Indeed, if the various schemes offered by the DBM show a 3% interest rate on the interest rate, is currently 7.65%, interest rates offered by SIDBI vary between 10.5% and 16 25%, the Prime Lending Rate is 12.75% per year.

Beyond the formula used for loans, SIDBI also offers other services to micro SMEs. These include loan facilitation services to help entrepreneurs to structure their loan applications, in partnership with the rating agencies and accredited consultants.

The loans are entrepreneurs who want to upgrade their equipment or who have ambitions expansion without necessarily possess the necessary financial resources. For projects that take into account energy consumption, preferential rates are available.

Enough to give a glimpse of what the new offer DBM, once created, even if the details are still unclear for the moment. The Bank of Maharashtra, another strategic partner of DBM should also have a say.

What is certain is that an application has been made to the Central Bank for obtaining a banking license. DBM you will be below the cut of the Governor of Bank of Mauritius . If 50% of the services offered will address SMEs, the rest will target the general public.

 

Text by lexpress.mu
 

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