Small Industries Development Bank of India notes-CSEET

Small Industries Development Bank of India:

ICSI CSEET: The Council of the ICSI has released a notice regarding CSEET on the day of the inauguration of ICSI Golden Jubilee Celebrations on 4th Oct 2017.

The Gazette Notification on the Company Secretaries (Amendment) Regulations, 2020 has been published on 3^rd February 2020 in the Official Gazette of India and the same shall be applicable from the said date of publication.

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We are now going to discuss the details of CSEET Paper-3 Economics and Business Environment notes – Small Industries Development Bank of India

Small Industries Development Bank of India

Small Industries Development Bank of India notes:

Small Industries Development Bank of India (SIDBI) set up on 2nd April 1990 under an Act of Indian Parliament, acts as the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector as well as for co­ordination of functions of institutions engaged in similar activities.

SIDBI’s initiatives have remained aligned to the national goals of poverty alleviation, employment generation, kindling entrepreneurship and fostering competitiveness in MSME sector.

Some of SIDBI’s key initiatives over more than the past 25 years of tirelessly promoting the growth of MSMEs, include-

(i)    Providing a cumulative assistance of around INR 5.40 lakh crore channelized into MSME segment.

(ii)   Directly impacting over 360 lakh persons/enterprises through its branch network of around 80 offices spread across the country as well as through the network of banks I institutions (having more than 1.25 lakh branches) across the country.

(iii)   Extending loans, equity and quasi-equity aggregating to INR 13,689 crore bene?tting 356 lakh disadvantaged people, mostly women, through its Micro Finance operations.

(iv)  Deepening its outreach by nurturing and evolving more than 100 MFIs who have emerged as strong and viable financial intermediaries serving the unserved.

(v)   Supporting more than 1.16 lakh budding and existing entrepreneurs by infusing skills and reskilling initiatives.

(vi)  Facilitating Institutions Building by adopting a SIDBI Plus approach and creating its Subsidiary and Associate Institutions for providing impetus to the growth of MSME ecosystem.

vii)   Developing a passionate pool of 1000+ professionals with 22% women and 40% belonging to SC/ST and OBCs category, for serving to the needs of the dynamic and consistently evolving MSME Sector.

Key Milestones in the Journey of SIDBI

Regional Rural Banks(RRBs) are Indian Scheduled Commercial Banks (Government Banks) operating at regional level in different States of India. They have been created with a view of serving primarily the rural areas of India with basic banking and financial services. However, RRBs may have branches set up for urban operations and their area of operation may include urban areas too.

The area of operation of RRBs is limited to the area as notified by Government of India covering one or more districts in the State. RRBs also perform a variety of different functions. RRBs perform various functions in following heads:

(a)   Providing banking facilities to rural and semi-urban areas.

(b)   Carrying out government operations like disbursement of wages of MGNREGA workers, distribution of pensions etc.

(c)   Providing Para-Banking facilities like locker facilities, debit and credit cards, mobile banking, internet banking,UPI etc.

(d)   Small financial banks.

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