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SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) is an independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises (MSME) in India
India
. Set up on April 2, 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India
India
. Currently the ownership is held by 34 Government of India owned / controlled institutions. Beginning as a refinancing agency to banks and state level financial institutions for their credit to small industries, it has expanded its activities, including direct credit to the SME through 100 branches in all major industrial clusters in India. Besides, it has been playing the development role in several ways such as support to micro-finance institutions for capacity building and onlending. Recently it has opened seven branches christened as Micro Finance branches, aimed especially at dispensing loans up to ₹5 lakh..On 28 August 2017, Mohammad Mustafa became the new Chairman and Managing Director of SIDBI

CONTENTS

* 1 Overview * 2 History * 3 References * 4 External links

OVERVIEW

The purpose is to provide refinance facilities and short term lending to industries. It is headquartered in Lucknow. It is an institution for the promotion, financing and development of the Micro, Small and Medium Enterprise (MSME) sector and for co-ordination of the functions of the institutions engaged in similar activities.

SIDBI has also floated several other entities for related activities. CREDIT GUARANTEE FUND TRUST FOR MICRO AND SMALL ENTERPRISES provides guarantees to banks for collateral-free loans extended to SME. SIDBI VENTURE CAPITAL LTD. is a venture capital company focussed at SME. SME Rating Agency of India
India
Ltd. (SMERA) provides composite ratings to SME. Another entity founded by SIDBI is ISARC - India
India
SME Asset Reconstruction Company in 2009, as specialized entities for NPA resolution for SME.

HISTORY

Small Industries Development Bank of India
India
(SIDBI), set up on April 2, 1990 under small industries development bank of India
India
act, is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities. The Charter establishing it, The Small Industries Development Bank of India
India
Act, 1989 envisaged SIDBI to be "the principal financial institution for the promotion, financing and development of industry in the small scale sector and to co-ordinate the functions of the institutions engaged in the promotion and financing or developing industry in the small scale sector.

Credit Guarantee Fund Trust for Micro and Small Enterprises popularly known as CGTMSE is widely being used by many PSU Banks and Private sector banks to fund MSME sector. During the year 2002-03 the aggregate sanction and disbursements of SIDBI amounted to ₹10,904 crore and ₹6,789 crore respectively. SIDBI has been permitted to raise finances up to ₹2,730 crore the year 2013 onward by the Reserve Bank of India
India
.

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* ^ https://www.idfc.org/Members/sidbi.aspx * ^ Archived 14 May 2013 at the Wayback Machine . * ^ "History of SIDBI". * ^ "SIDBI gets nod to raise $500 million a year". 2012-11-22. Retrieved 2012-12-10. * ^

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