The Small Industries Development Bank of India (SIDBI) is a financial institution established in 1990 under the Small Industries Development Bank of India Act. Its primary objective is to promote and finance the growth of Micro, Small, and Medium Enterprises (MSMEs) in India.
SIDBI offers a wide range of financial products and services to MSMEs, including term loans, working capital finance, equipment finance, trade finance, bill discounting, project finance, and other related services. It also provides various advisory services to MSMEs, such as project appraisal, project management, and other related services.
SIDBI has established various schemes and programs to support the growth and development of MSMEs in India. Some of its schemes include the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), the SIDBI Make in India Soft Loan Fund for Micro, Small, and Medium Enterprises (SMILE), and the SIDBI Swavalamban Crisis Responsive Fund (SCRF).
SIDBI has also established various subsidiaries and joint ventures to expand its reach in different sectors. Some of its subsidiaries include SIDBI Venture Capital Limited, SIDBI Asset Management Company Limited, and SIDBI Foundation for Micro Credit.
SIDBI has been recognized for its contribution to the development of the MSME sector in India and has received several awards for its excellence in banking and financial services.
In conclusion, SIDBI is a financial institution in India that promotes and finances the growth of Micro, Small, and Medium Enterprises (MSMEs) in the country. It offers a wide range of financial products and services to MSMEs and provides various advisory services to support their growth and development. SIDBI has also established subsidiaries and joint ventures to expand its reach in different sectors. It has been recognized for its contribution to the development of the MSME sector in India.