Samridhhi Current Affairs

SIDBI celebrates its foundation day

The Small Industries Development Bank of India (SIDBI) celebrated its foundation day this year on April 2, 2018. The day was celebrated as day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate). Several initiatives were launched on this occasion. They are MSME contact programme; Samridhhi, a virtual assistant; revamped SIDBI website (www.sidbi.in) and Bankability Kit.

Small Industries Development Bank of India (SIDBI)

SIDBI is the principal development financial institution for promotion, financing and development of Micro, Small and Medium Enterprises (MSME) sector in India. It was established on April 2, 1990 through an Act of Parliament (thus, it is statutory body). It is headquartered in Lucknow, Uttar Pradesh.

SIDBI aims to facilitate and strengthen credit flow to MSMEs and address both financial and developmental gaps in MSME eco-system across the country. It co-ordinates functions of institutions engaged in similar activities. Currently, the shares of SIDBI are held by Central Government and 29 other institutions including public sector banks (PSBs), insurance companies owned and controlled by Central Government.

MSME Sector

MSME is second largest employment generating sector after agriculture sector. It provides 80% of jobs in industry with just 20% of investment. It contributes around 31% to nation’s GDP and 45% and 34% share of the overall exports and manufacturing output (2017 report).

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