Established in accordance with the SIDBI Act of 1989, the Small Industries Development Bank of India (SIDBI) celebrates 34 years of dedicated service in nurturing entrepreneurship, fostering innovation, and driving economic growth throughout India. Since its inception in 1990, SIDBI has played a pivotal role in revolutionizing MSME financing and development, continually adapting to the dynamic needs of the sector.
Over the past three decades, SIDBI has spearheaded numerous initiatives and schemes aimed at providing financial assistance, enhancing capacity, and offering technological support to MSMEs. These efforts have not only facilitated easier access to credit but have also bolstered the competitiveness and sustainability of MSMEs, significantly contributing to the socio-economic advancement of the nation. As SIDBI marks this milestone, it acknowledges the invaluable support and collaboration of its stakeholders, including the Government of India, state governments, partner financial institutions, industry associations, and the MSME community.
To commemorate this occasion, a virtual celebration was held on April 2, 2024, bringing together SIDBI officials from across the country. During the event, Shri S. Ramann, CMD, SIDBI, expressed gratitude and reiterated the institution’s commitment to empowering MSMEs as key drivers of India’s economic prosperity. Mr. Ramann emphasized the importance of formalizing informal entities and announced increased resources for initiatives such as PRAAYAS and the innovative digital platform, GST SAHAY.
Shri Ramann also highlighted SIDBI’s successful engagement with FinTech companies and reaffirmed the institution’s support for smaller entities grappling with high-interest rates. Additionally, Shri Sudatta Mandal, DMD, celebrated SIDBI’s achievement of surpassing a balance sheet milestone of Rs. 5.2 lakh crore, emphasizing the institution’s commitment to streamlining credit delivery processes for exponential growth.
Shri Prakash Kumar, DMD, elaborated on SIDBI’s evolving role under the Development Financial Institution (DFI) banner, praising visionary leadership for guiding its transformation. The event featured insightful presentations from department heads of various verticals, including Digital Initiatives, NBFC, Partner Lending, Green Climate Finance, and Programmes for Development and Impact.
