SIDBI launches Samridhi virtual assistant and Bankability Kit on Foundation Day
Lucknow, Apr 2 (IBNS): SIDBI celebrated its foundation day on Monday as day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate).
Small Industries Development Bank of India (SIDBI) was set up on April 2, 1990 under an Act of Indian Parliament, and acts as the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector as well as co-ordinates functions of institutions engaged in similar activities.
Chairman and Managing Director (CMD) of SIDBI, Mohammad Mustafa, on Monday, launched a series of initiatives from its Lucknow bank headquarters.
He mentioned that the occasion is an opportunity to look within and reinvent the bank's strategy for course correction and development.
While flagging off its ‘MSME contact programme’, Mohammad Mustafa called upon bank’s officers to use the day long stay at MSMEs to come closer in understanding their opportunities, challenges and the eco system so as to grasp as to what can be done to ease the way they do business.
He told this is what SIDBI has been created for and learning with footprints at field level is the true spirit of the organisation.
During an interaction, the CMD mentioned that SIDBI has taken a series of steps both from direct lending (launch of growth support to MSME -SMILE loans around 8.12 per cent and enhancing its footprint through string of Resident Representative Office) as also policy advocacy (launch of CRISIDEX, to gauge MSME aspirations, and MSME pulse, the health tracker for MSMEs).
The bank also commenced Bancassurance services for MSMEs.
An MoU was signed with The New India Assurance Co. Ltd. and two MSMEs were issued insurance policies.
While launching the revamped SIDBI website (www.sidbi.in) on this occasion, the CMD mentioned that it is an attempt to re-imagine the site to reflect the new vibrant face of SIDBI aiming to transform the MSE ecosystem.
Besides providing crisp and precise information about the various strategic interventions made by SIDBI, it exhibits a great potential for the MSME aspirants through its other offerings in the form of a "Contactless Loan Platform" likely to be introduced on the website shortly.
Chairman SIDBI also launched Samridhhi- the virtual assistant on banks revamped universal loan portal www.udyamimitra.in. It will answer standard queries of aspirants 24*7.
During the day, a ‘Bankability Kit’ (brought in partnership with Bank of Baroda and IDBI Bank) was also launched.
It is a step to look beyond financial literacy and be a trusted guide for aspirants and existing entrepreneurs to know entrepreneurial self, know banker & know banking, the bank said.
It covers what bankers look at, how to communicate with banks, the care to be taken, do’s and don’ts etc.
Mustafa said that next year will be Year of Direct Finance; institutional financing shall be the growth engine and promotion & development shall be the core strategy.
SIDBI is also planning to start an MSE award to recognize change-maker MSEs at bottom of the pyramid.
Image: SIDBI/Twitter
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