SIDBI Celebrates it's Foundation day with launch of ' Samridhi - the virtual assistant' & ' Bankability Kit'

SIDBI celebrated its foundation day today as day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate).Chairman Managing Director of SIDBI Shri Mohammad Mustafa launched a series of initiatives from its Lucknow bank headquarters. He mentioned that the occasion is an opportunity to look within and reinvent our strategy for course correction and development.

While flagging off its ‘MSME contact programme’; he 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. In his interaction 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% 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).

A new step forward in commencing Bancassurance services for MSMEs was also taken. An MoU was signed with The New India Assurance Co. Ltd. and two MSMEs were issued insurance policies. SIDBI is thus evolving as one stop solution provider.

While launching the revamped SIDBI website (www.sidbi.in) on this occasion CMD mentioned that it is an attempt to reimagine 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. It covers what bankers look at, how to communicate with banks, the care to be taken, do’s and don’ts etc.

Mr. Mustafa mentioned that the coming year will see a slew of measures to create a large positive impact on MSME sector. New SIDBI will endeavour to contribute to NEW and Entrepreneurial India in a manner that no one can imagine MSME without us. He mentioned that while next year will be year of Direct Finance, Institutional financing shall be growth engine and Promotion & Development shall be core strategy. In order to have feet on street, SIDBI shall endeavour to work with teachers and colleges in some states to motivate people to become job creator and not job seekers. The plan is to create a network which will result in selection of model entrepreneurs every year who will be supported by SIDBI in creating sustainable business models. SIDBI is also planning to start MSE award to recognise change-maker MSEs at bottom of pyramid.