SIDBI Foundation Day
Do you know that 2nd April is celebrated as SIDBI Foundation Day?
For SIDBI, it is the day dedicated to the following 3 S:
- Sampark or connection
- Samwad or interaction
- Suraksha or security
- Sampreshan or dissemination
SIDBI (Small Industries Development Bank of Indi) was set up on 2nd April 1990 under an Act of Indian Parliament, acts as the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector as well as for co-ordination of functions of institutions engaged in similar activities
The SIDBI (Small Industries Development Bank of India) is a wholly owned subsidiary of IDBI (Industrial Development Bank of India), established under the special Act of the Parliament 1988 which became operative from April 2, 1990.
SIDBI is responsible for administering Small Industries Development Fund and National Equity Fund that were administered by IDBI before. SIDBI is the Primary Financial Institution for promoting, developing and financing MSME (Micro, Small and Medium Enterprise) sector.
Besides focussing on the development of the Micro, Small and Medium Enterprise sector, SIDBI also promotes cleaner production and energy efficiency. SIDBI helps MSMEs in acquiring the funds they require to grow, market, develop and commercialize their technologies and innovative products. The bank provides several schemes and offers financial services and products for meeting the individual’s requirement of various businesses.
Small Industries Development Bank of India refinances loans that are extended by the PLIs to the small-scale industrial units and offers resources assistance to them 2. It discounts and rediscounts bills 3. It also helps in expanding marketing channels for the products of SSI (Small Scale Industries) sector both in the domestic as well as international markets 4. It offers services like factoring, leasing etc. to the industrial concerns in the small-scale sector 5. It promotes employment-oriented industries particularly in semi-urban areas for creating employment opportunities and thus checking relocation of people to the urban areas 6. It also initiates steps for modernisation and technological up-gradation of current units 7. It also enables the timely flow of credit for working capital as well as term loans to Small Scale Industries in cooperation with commercial banks 8. It also co-promotes state level venture funds