NATIONAL, 26^th DECEMBER, 2022 (GPN): Shri Sivasubramanian Ramann, Chairman and Managing Director, Small Industries Development Bank of India (SIDBI) inaugurated on December 24, 2022 new furnished branch of SIDBI on the Bangalore-Chennai Highway, Sriperumbudur to cater to the growing financial requirements of MSMEs in SIPCOT & SIDCO industrial estates and the neighboring areas. SIDBI, CGM, Smt. Chitra Alai, and GM and Chennai Regional Head, Shri Ravindran A.L were also present.

In his inaugural address, Shri Ramann mentioned that SIDBI has been taking new initiatives to increase the flow of credit to MSMEs. SIDBI has fully digitised its lending processes to extend financial assistance in 48 hours. SIDBI has recently launch fully automated straight through process to sanction loans upto Rs. 50 lakh online within couple of hours. He advised that SIDBI is committed to increase the flow of credit to MSMEs particularly underserved/unserved MSMEs. He informed that SIDBI has been involved in drafting policies for providing timely financial assistance and liquidity to MSMEs. He emphasized on switch over from fossil fuel to renewable energy like solar, wind etc., with a view to become more sustainable and remain competitive and be part of national commitment on energy independence and carbon neutrality. The new Branch will continue to provide focused financial support (retail lending) to MSMEs located in the vicinity.

Shri Ramann also informed that promotion of women entrepreneurs with skilling, credit connect, and market connect is high on the agenda of SIDBI.   SIDBI has taken up the cause of these micro women entrepreneurs and has launched on-boarding of women weavers from Kanchipuram on to the ONDC (digital e-commerce platform). To begin with, around 8 – 10 women silk saree weavers from Kanchipuram have been on-boarded with their catalogues displayed in ONDC thus bringing them global visibility.

During the event, he distributed certificates to women who had completed training (skilling) in tailoring, organized by SIDBI for the benefit of around 450 entrepreneurs in and around Kanchipuram as part of its Promotion and Development activities – livelihood support programme.  The finished products with Zari, embroidery work etc. were on display.  The programme is covered under the ’One District One Product’ scheme covering the textile sector prominent in Kanchipuram District.

Earlier during the day, Shri Ramann handed over sanction letter of Rs.5 lakh as grant assistance to TN State Livelihood Mission to Kanchipuram District Collector, Dr M Aarthi, IAS, under SIDBI’s Enterprise Development – market connect programme for carrying out interior work of the sales outlet (silk thread jewels and bridal jewels using beads and metals under the brand MATHI) at Sriperumbudur, set up for the benefit of Narikurava Community.

About SIDBI:

Small Industries Development Bank of India (SIDBI) as the Principal Development Finance Institution for MSME sector has played a significant role in developing the financial services for MSME sector through various interventions including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, Contribution to Venture capital/AIF funds, MSME ratings, promoting digital lending ecosystem, etc. The Bank has proactively been working toward Energy Efficiency (EE) in MSMEs since 2005-06 as part of Direct Finance business using support of multilateral institutions like   World Bank, ADB, GiZ, FCDO, JICA, AFD, KfW etc. for energy efficient projects. SIDBI has taken steps to promote Energy Efficiency and Cleaner production in the MSME sector and propose to accelerate its efforts for MSME sector for their survival, growth, and competitiveness in long run during prevailing climate related challenges. Ends GPN SM