July 11, 2023
govt information
Small Industries Development Bank of India (SIDBI) is a specialized financial institution in India that focuses on the development and promotion of small-scale industries. It was established on April 2, 1990, through an act of Parliament as a wholly-owned subsidiary of the Industrial Development Bank of India (IDBI). However, since April 1999, SIDBI has been functioning as an independent entity.
SIDBI's primary objective is to provide financial and developmental support to small and medium enterprises (SMEs) in India. It plays a crucial role in the growth and expansion of the SME sector by addressing their financial and non-financial needs. The bank works towards facilitating the availability of adequate and timely credit, promoting technology upgrades, enhancing competitiveness, and fostering entrepreneurship.