Ramann underscored SIDBI’s successful engagement with FinTech
Small Industries Development Bank of India (SIDBI) CMD S. Ramann has emphasized the need to foster growth of MSMEs as a crucial driver of India’s economic prosperity and highlighted the importance of formalizing informal entities.
Speaking on the need for supporting customers at SIDBI commemoration of 34 years of fostering entrepreneurship, innovation, and economic growth in India. Since its inception in 1990, he highlighted that the financial institution has been instrumental in transforming the landscape of MSME financing and development in the country.
Ramann underlined at the ceremony on 2 Apr, “As we commemorate this significant milestone, we renew our pledge to empower MSMEs and champion entrepreneurship for India’s economic advancement https://www.wto.org/ .”
Furthermore, Ramann underscored SIDBI’s https://www.sidbi.in/en/ successful engagement with FinTech companies and reiterated the institution’s unwavering support for smaller entities grappling with high interest rates.
“SIDBI has continuously evolved to meet the dynamic needs of the MSME sector, playing a pivotal role in driving economic growth, generating employment opportunities, and fostering inclusive development across India https://www.weforum.org/ ,” he said.
Over the past three decades, SIDBI has successfully implemented various initiatives and schemes aimed at providing financial assistance, capacity building, and technological support to MSMEs https://msme.gov.in/ . These initiatives have not only facilitated access to credit but have also enhanced the competitiveness and sustainability of MSMEs, thereby contributing significantly to the country’s socio-economic progress.
In celebrating 34 years of unwavering commitment, SIDBI acknowledged the invaluable support and collaboration of its stakeholders, including the Government of India, state governments, partner financial institutions, industry associations, and, most importantly, the MSME community.
SIDBI has surpassed a balance sheet milestone of Rs.5.2 lakh crore.
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.
Looking ahead, SIDBI remains resolute in its mission to catalyze MSME growth, nurture entrepreneurship, and contribute to building a robust and resilient Indian economy, said the CMD. Fiinews.com
