SIDBI celebrates its 32nd Foundation Day with much pomp and gaiety

Lucknow: The Small Industries Development Bank of India (SIDBI), Regional Office, Lucknow celebrated SIDBI’s “32nd Foundation Day” on 2nd April, 2022 at Lucknow. The Theme for this year’s Foundation Day was “Together We Grow”.

On this occasion a Customer Meet was organized which was attended by customers of SIDBI from Lucknow and Kanpur. Speaking on the occasion, V Satya Venkata Rao, Dy. Managing Director said that SIDBI has been playing a catalytic role in making the MSME sector vibrant, dynamic, responsive with inclusive growth at its core.

To expand its outreach SIDBI has opened two new branches at Agra and Gorakhpur in UP. Shri Rao further indicated that Covid has taught us how to fight adversity and MSMEs of the country are back on the growth path. To facilitate quick and efficient credit delivery to MSMEs, SIDBI has adopted the path of total digitization of its

SIDBI now offers a comprehensive and integrated customer journey through origination, on-boarding, sanction, documentation and credit delivery could be accomplished with the core processes now being taken in online mode. Our objective is to make SIDBI a fully integrated digital platform for SMEs. Besides, the Bank has increased its promotional & developmental interventions for the unserved and underserved segments through partnerships
with State Governments and other stakeholders and initiated a Cluster Development programme.

The Bank’s mandate of making the MSME ecosystem more robust in UP is widely acknowledged by State Governments. SIDBI will become a key partner in the development of MSME Infrastructure in the State of UP and has already committed Rs.1000 cr for the purpose.

Vivek Malhotra, Chief General Manager elaborated on the end-to-end digitization process developed by the Bank to ensure faster and efficient credit delivery to MSMEs. He also elaborated on the plans of the Bank for enhancing credit flow to the sector during the coming FY. Manish Sinha, General Manager and Regional Head, SIDBI, Lucknow, added that SIDBI is adopting a Credit Plus approach, where not only the financing but other needs of MSME ecosystem get addressed.

SIDBI has been aligning its policies and actions based on the national development priorities. SIDBI is working in close collaboration with Govt of UP for the holistic development of MSMEs in the State. He also reiterated the resolve of the Bank to work towards further development and improvement in the MSME ecosystem in the States of Uttar Pradesh, Bihar and Jharkhand.

As part of the Foundation Day Celebrations, SIDBI also distributed laptops and other material to visually challenged children of Rehabilitation Society of the Visually Impaired (RSVI) so as to help them become digitally enabled and self-reliant.

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