What is SIDBI, Their Mission and Vision
SIDBI (Small industries development bank of India).
It was established as a wholly-owned subsidiary of IDBI under the small industries development bank of India Act Oct 1989 as the principal financial institution for promotion, financing & development of industries in the small scale sector.
- SIDBI act as an apex role to provide finance to the small scale sector.
- It started its functions from 2nd April 1990.
- Its headquarter is in Lucknow.
- SIDBI provides loan under its single window service.
- IDBI largest shareholders of SIDBI, SBI & LIC next.
- SIDBI amendment bill 2012 introduced by Pranab Mukherjee in Lok Sabha on 22nd May 2012. In SIDBI amendment bill definition of Industrial concern is 1) Expand activities to floriculture 2) Development of tourism-related 3) Construction facilities 4) Entertainment industry.
- It also provides to accept repayment of foreign currency loans in foreign currency & maintaining foreign currency loan account as required under any law or accounting standard.
- Government of India announced in budget 1988-1989 to establish SIDBI.
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Mission
“To empower the micro, small and medium enterprises (MSME) sector with a view to contributing to the process of economic growth, employment generation and balanced regional development”.
Vision:
“To emerge as a single window for meeting the financial and development needs of the MSME sector to make it strong, vibrant and globally competitive, to position SIDBI Brand as the preferred and customer – friendly institution and for enhancement of shareholder wealth and highest corporate values through modern technology platform”.
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