SIDBI digitised lending processes to process loans in 48 hours: CMD Ramann

Hyderabad, Dec 26 (KNN) Sivasubramanian Ramann, Chairman and Managing Director, Small Industries Development Bank of India (SIDBI) said that SIDBI has fully digitised its lending processes to extend financial assistance in 48 hours.

He said this while inaugurating a new furnished branch office on the Bangalore-Chennai Highway in Sriperumbudur last week.

With this SIDBI aims to offer financial assistance to MSMEs in State Industries Promotion Corporation of Tamil Nadu(SIPCOT) & Small Industries Development Corporation (SIDCO) industrial estates.

Ramann unveiled the branch office in the presence of SIDBI, CGM, Chitra Alai, and GM and Chennai Regional Head, Ravindran A.L.

In his inaugural address, he mentioned that SIDBI has been taking new initiatives to increase the flow of credit to MSMEs.

“SIDBI has fully digitised its lending processes to extend financial assistance in 48 hours,” he said.

He expressed SIDBI’s commitment towards increasing the flow of credit to MSMEs particularly underserved/unserved MSMEs.

He emphasized on switch over from fossil fuel to renewable energy like solar, wind etc., with a view to become more sustainable and remain competitive and be part of national commitment on energy independence and carbon neutrality.

The new Branch will continue to provide focused financial support (retail lending) to MSMEs located in the vicinity.

During the event, he distributed certificatesto women who had completed training(skilling) in tailoring, organized by SIDBI for the benefit of around 450 entrepreneurs in and around Kanchipuram as part of its Promotion and Development activities – livelihood support programme.  (KNN Bureau)