ENA MSME 2024-07-23 17:18:51 <p><span style="font-size:14px"><strong>New Delhi, Jul 23 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">The plan aims to serve all major Micro, Small, and Medium Enterprise (MSME) clusters across the country.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">This move is expected to boost financial support for MSMEs, which are crucial to India's economic growth and employment generation.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38712 https://knnindia.co.in/news/newsdetails/msme/sidbi-to-expand-reach-to-all-msme-clusters-in-3-years-to-lend-directly 2024-07-23 17:18:51 knnindia.co.in