Mumbai: Finance Minister Nirmala Sitharamanlaunched several new SIDBI initiatives to help MSMEs get easier access to loans, modern machinery and support for rural enterprise development during SIDBI’s 37th Foundation Day celebrations held in Mumbai. The Minister also outlined the vision for SIDBI and its role as a market-maker, especially with regard to the capital infusion of Rs 5,000 crore by the Indian government.
The new initiatives launched include the SIDBI RRB Co-Lending Portal SIDBI MachFin Mart (www.machineryportal.sidbi.in), MoRE (Modernisation of Rural Enterprises) initiative, and Credit Cards for Micro Enterprises programme of Department of Financial Services (DFS), Government of India.
TheSIDBI RRB Co-Lending Portal https://uat-sidbirrb.sidbi.in/homepage) will help SIDBI partner with Regional Rural Banks (RRBs) to improve loan access for MSMEs in rural and underserved areas.
SIDBI MachFin Mart (www.machineryportal.sidbi.in) is digital platforms that will help MSMEs buy machinery through an organised marketplace. The platform will support easier price discovery, standardisation, and technology adoption and embedded loan sanction.
SIDBI also launchedMoRE (Modernisation of Rural Enterprises),an initiative aimed at supporting 10,000 rural micro and artisanal units over the next three years through cluster-based interventions in rural and artisanal clusters.
TheCredit Cards for Micro Enterprises programme of DFS, Government of India,was also launched at the event. The credit cards, with a limit of `5 lakh for Udyam-registered micro enterprises, are designed to provide easier and faster access to working capital finance.
On the occasion, Sanjay Lohiya, Special Secretary, Department of FinancialServices acknowledged the contribution of SIDBI’s leadership and staff in building an institution that commands credibility across the financial sector and that DFS looks forward to SIDBI continuing to play a proactive and constructive role in strengthening MSME finance and supporting India’s broader development objectives.
“In this evolving context, SIDBI’s future role is not only that of a financier, but of an institution that sets benchmarks, builds confidence and strengthens the architecture of MSME finance,” he said
Manoj Mittal, Chairman & Managing Director, SIDBIsaid on the occasion that these initiatives mark a significant step in SIDBI’s ongoing efforts to transform MSME financing through digital enablement and partnerships. The focus is on improving credit access, credit delivery efficiency and promoting technology adoption through digital platforms and collaborative partnerships. Our approach is also anchored on supporting modernisation of rural enterprises, thereby making them more competitive, productive and future-ready, apart from enabling inclusive and broad-based economic development.
