Purbaya Seeks to Take Over PNM from Danantara, OJK Gives Approval
Finance Minister Purbaya Yudhi Sadewa stated that his office is submitting a proposal to the 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 (BRI), which is now a member of Danantara Indonesia.
“I am submitting to Danantara so that PNM is handed over to us (the Ministry of Finance). PNM Madani is handed over to us, and then we will make it a distributor of KUR (Kredit Usaha Rakyat),” said Purbaya Yudhi Sadewa in Jakarta on Monday (6/4/2026).
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 Pusat Investasi Pemerintah (PIP). He revealed that the PNM acquisition plan is proposed as one solution to smooth the distribution of KUR.
He stated that there are many reports from SME actors who have difficulty obtaining the cheap credit services. In addition, he also highlighted the high costs involved in distributing KUR through banking.
“If KUR is distributed through banks, we pay interest up to 18 percent. The money disappears because it is used to pay interest, around Rp 40 trillion every year,” said Purbaya.
If KUR is distributed through PNM as a subsidiary of one of the Ministry of Finance’s SMVs, the Rp 40 trillion funds can be used as capital to transform the SOE into an SME bank.
Purbaya hopes to turn PNM into a large bank with Rp 200 trillion in capital within five years.
“So, the budget we spend does not increase, still Rp 40 trillion every year, but those funds are lent out as revolving funds with low interest. So, the Rp 40 trillion does not disappear,” he explained.
In addition to a dedicated bank, Purbaya stated that his side will also build an integrated SME development ecosystem equipped with advisory teams, marketing teams, training facilities, and credit guarantee institutions.
He mentioned that the proposal has also been conveyed to President Prabowo Subianto and received signals of support.
Nevertheless, his side will still refine the plan and discuss it with Danantara to find the best path.
“If supported by Commission XI, we will execute the PNM takeover plan. We have reported to the President, and he stated that if the plan is good, go ahead and implement it. However, we are still negotiating with Danantara. We request support from Commission XI of the DPR RI,” said Purbaya.
However, he continued, if Danantara is able to build its own integrated SME development ecosystem as planned, the Ministry of Finance will not take over PNM.
“We will follow up on that. If it can be realised by Danantara, go ahead and implement it. However, if not, we will take over PNM. If it is taken over, we will report it to Commission XI for approval,” added Purbaya.