SIDBI launches virtual assistant, bankability kit to assist MSMEs

Small Industries Development Bank of India (SIDBI) on Monday celebrated its foundation day with the launch of a series of initiatives from its Lucknow bank headquarters.

A new step forward in commencing Bancassurance services for MSMEs was taken.

Also, a Memorandum of understanding (MoU) was signed with The New India Assurance Co. Ltd. and two MSMEs were issued insurance policies.

The day was celebrated as one of Sampark (connect), Sanwad (interaction), Suraksha (security), and Sampreshan (disseminate).

While flagging off its 'MSME contact programme'; Chairman and Managing Director, SIDBI, Mohammad Mustafa called upon the bank's officers to understand the opportunities, challenges and the ecosystem of MSMEs.

In his interaction, Mustafa mentioned that SIDBI has taken a series of steps both from direct lending and also policy advocacy.

Mustafa also launched Samridhhi - the virtual assistant on banks revamped universal loan portal

A Bankability Kit, brought in partnership with Bank of Baroda and IDBI Bank, was also launched.

Mustafa mentioned that the coming year will see a slew of measures to create a large positive impact on the MSME sector.

The new SIDBI will endeavour to contribute to entrepreneurial India. Mustafa added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel