Telangana Industrial Health Clinic Ltd (TIHCL), a State government initiative, has got RBI clearance to register and function as a non-banking finance company (NBFC).
It will be the first State promoted and co-financing NBFC, according to B Yerram Raju, TIHCL’s advisor and director. TIHCL was floated in 2017 with a corpus of ₹100 crore, which included contributions from the State and Central governments, financial institutions, industrial units and high networth individuals.
Lenders such as Karur Vysya Bank, Vijaya Bank, Canara Bank, Union Bank, SBI and SIDBI have evinced interest in partnering with TIHCL.
TIHCL’s innovative institutional intervention to resolve the stressed assets in micro and small manufacturing enterprises attracted the attention of policymakers at the national level, said Yerram Raju.
It had won the SKOCH Platinum Award in September 2017 under the smart governance category in the MSME segment, he added.
In the past couple of months, its proof of concept resulted in 23 micro and small enterprises contributing to the share share capital to an extent of ₹2.30 lakh.