Finance Minister Purbaya Seeks to Take Over PNM from Danantara
Finance Minister Purbaya Yudhi Sadewa has stated that his ministry is currently submitting a proposal to Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara Indonesia) to take over the management of PT Permodalan Nasional Madani (PNM).
PNM is a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk, which is now a member of Danantara Indonesia.
“I am proposing to Danantara to give PNM to us. Give PNM Madani to us, and we will make PNM the distributor of People’s Business Credit,” said Purbaya Yudhi Sadewa in Jakarta on Monday, 7 April 2026, as reported by Antara.
He stated that his side plans to make PNM a subsidiary under one of the Ministry of Finance’s Special Mission Vehicles (SMVs), such as PT Sarana Multi Infrastruktur (SMI) or the Government Investment Centre (PIP).
He revealed that the PNM acquisition plan is proposed as one solution to smooth the distribution of KUR. According to Purbaya, there are many reports from SME actors who have difficulty accessing these low-cost credit services. In addition, he highlighted the high costs involved in distributing KUR through banks.
“If KUR goes through the banks, we pay interest up to 18%. The money disappears (is used to pay interest), around Rp40 trillion every year,” said Purbaya.
If KUR is distributed through PNM as a subsidiary of one of the Ministry of Finance’s SMVs, the Rp40 trillion in funds could be used as capital to transform the SOE into an SME bank.
Purbaya hopes to turn PNM into a major bank with Rp200 trillion in capital within five years.
In addition to a dedicated bank, Purbaya said his side will also build an integrated SME development ecosystem equipped with advisory teams, marketing teams, training facilities, and credit guarantee institutions. He stated that the proposal has also been conveyed to President Prabowo Subianto and received signals of support.
Nevertheless, his side will continue to refine the plan and discuss it with Danantara to find the best path. “If supported by Commission XI, we will execute it,” said Purbaya.
However, he continued, if Danantara commits to building its own integrated SME development ecosystem as outlined above, the Ministry of Finance will not take over PNM.