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2013-02-12

SIDBI opens new branch near Rajkot

Extending support to small and medium enterprises (SMEs), Small Industries Development Bank of India (SIDBI) has opened its new branch in Morbi, a city and a municipality near Rajkot in Gujarat. Sushil Muhnot, Chairman & Managing Director (CMD), SIDBI, in

Extending support to small and medium enterprises (SMEs), Small Industries Development Bank of India (SIDBI) has opened its new branch in Morbi, a city and a municipality near Rajkot in Gujarat. Sushil Muhnot, Chairman & Managing Director (CMD), SIDBI, inaugurated the new branch.

The bank in a release said that with this new branch, SIDBI has fulfilled the demand of Morbi-based entrepreneurs especially from ‘Ceramic Tiles Cluster’ to bring SIDBI’s services a step closure to the cluster. The district is also known as ceramic capital of India.

During the launch, Muhnot indicated that the new branch is aimed to further increase commitments of SIDBI towards the promotion and development of MSMEs in the state.

Muhnot further said that Morbi-based ceramic tiles units, mainly belonging to MSME segment, are expected to witness a high investment growth in the near future so that the products from the cluster remain globally competitive and manufacturing processes and technology are also upgraded in a highly competitive market.

SIDBI intends to enhance its presence in Gujarat through a bouquet of tailor-made innovative products catering to sustainable finance, risk capital, receivable finance and financing of services sector including orgainsed retailing, logistics, passive infrastructure, health and hospitality.

Muhnot also emphasised that besides financial intermediation, SIDBI has embarked upon a major role in ‘Credit plus’ services to MSMEs in the country through establishing Credit Facilitation Centres (CFCs) at all major MSME focused clusters including Ahmedabad, Rajkot, Vadodara, Surat and Gandhidham in Gujarat. This is to extend non-financial services to existing as well as prospective entrepreneurs though systematic dissemination of information about various developmental/promotional support services available from government agencies, banks and financial institutions.

Muhnot shared that launch of the website, www.smallB.in, to for promotion of enterprises and entrepreneurship development will bring about revolutionary changes in converting business ideas into viable business projects.

SIDBI portfolio in Gujarat stood at Rs 1291 crore till March 31, 2012, which is targeted to cross Rs 1,550 crore during FY13.

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