SIDBI joins forces with Technology Development Board to boost MSMEs
By Gloria Mathias
November 17, 2023
- B2B Banking
- Banking News India
- contributions to Venture capital and AIF funds
The Small Industries Development Bank of India (SIDBI) has entered into a Memorandum of Understanding (MoU) with the Technology Development Board (TDB).
The MoU is signed with the aim of easing credit access to MSMEs that are attempting the development and commercial application of indigenous technology or adapting imported technology for wider domestic applications.
Small Industries Development Bank of India (SIDBI) is India’s Principle Financial institution engaged in the promotion, financing, and development of Micro, Small and Medium enterprises (MSME).
The MoU was executed by Shri Rahul Priyadarshi, Chief General Manager, SIDBI and Shri Rajesh Jain, Director, TDB. This MoU is an arrangement for a joint initiative by TDB and SIDBI, to extend financial assistance to eligible MSMEs as per the terms & conditions of TDB & SIDBI.
With regards to the arrangement with TDB, Rahul Priyadarshi, Chief General Manager, SIDBI said, “SIDBI’s emphasis is on strengthening the MSME eco-system and realising GoI’s ideology of “Make in India” and making India “self-reliant”. This arrangement by SIDBI and TDB will support MSMEs with respective core competencies/expertise, with the common vision of financing MSMEs in India.”
SIDBI has been playing a significant role in developing financial services for the MSME sector through various interventions, including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, contributions to Venture capital and AIF funds, MSME ratings, promoting digital lending ecosystem, etc.
Furthermore, SIDBI has been touching the lives of citizens across various strata of society through its integrated and inclusive approach through various credit and developmental measures.
TDB provides financial assistance to industrial concerns and other agencies by financing the project for the development and commercial application of indigenous technology and/or for adapting imported technology for wider domestic applications.
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