Mumbai, May 27 (KNN) State-owned Small Industries Development Bank of India (SIDBI) has reported a 17 per cent decline in net profit for fiscal ended March 2016.

SIDBI’s net profit declined to Rs 1,177 crore.

The bank’s net profit was Rs 1,417 crore in 2014-15 fiscal.

Meanwhile, Jayant Sinha, Minister of State for Finance and Anjuly Chib Duggal, Secretary, Financial Services, visited SIDBI office, Mumbai on May 17, 2016 and reviewed the progress of MUDRA and Stand Up India Scheme.

Dr Kshatrapati Shivaji, CMD, briefed the Sinha on the progress made under the two Schemes. Sinha made valuable suggestions for making the Stand Up India Scheme portal more user friendly and interactive. He also expressed satisfaction on the progress made under MUDRA, SIDBI said in a statement.

Duggal too reviewed the progress of SIDBI and the recently launched Stand Up India Scheme. During the review Duggal also discussed issues of strategic importance to SIDBI.

SIDBI CMD Shivaji briefed the Secretary on the changing nature of Development Finance Institutions and the important steps that SIDBI has been taking to reorient its role in the fast changing financial environment. (KNN Bureau)