SIDBI to Expand Reach To All MSME Clusters In 3 years To Lend Directly

New Delhi, Jul 23 (KNN) Finance Minister Nirmala Sitharaman announced in her 2024 Union Budget speech that the Small Industries Development Bank of India (SIDBI) will significantly expand its operations over the next three years.

The plan aims to serve all major Micro, Small, and Medium Enterprise (MSME) clusters across the country.

According to the Finance Minister, SIDBI will open new branches to cover all major MSME clusters within a three-year timeframe. This expansion will enable SIDBI to provide direct credit to these clusters, enhancing financial support for small businesses.

As part of this initiative, 24 new branches are set to open this year. With these additions, SIDBI's service coverage will increase to 168 out of 242 major clusters, marking a substantial improvement in its reach.

This move is expected to boost financial support for MSMEs, which are crucial to India's economic growth and employment generation.

By bringing SIDBI's services closer to MSME hubs, the government aims to facilitate easier access to credit and other financial services for small businesses across the country.

(KNN Bureau)