back Back

SIDBI joins forces with Technology Development Board to boost MSMEs

By Gloria Mathias

November 17, 2023

  • B2B Banking
  • Banking News India
  • contributions to Venture capital and AIF funds
Share

SIDBI, TDB, Technology Development Board, MSMEs, Financial Assistance, Finance News, Fintech India, Fintech India News, India News, India Today,  The Small Industries Development Bank of India (SIDBI) has entered into a Memorandum of Understanding (MoU) with the Technology Development Board (TDB).

The MoU is signed with the aim of easing credit access to MSMEs that are attempting the development and commercial application of indigenous technology or adapting imported technology for wider domestic applications.

Small Industries Development Bank of India (SIDBI) is India’s Principle Financial institution engaged in the promotion, financing, and development of Micro, Small and Medium enterprises (MSME).

The MoU was executed by Shri Rahul Priyadarshi, Chief General Manager, SIDBI and Shri Rajesh Jain, Director, TDB. This MoU is an arrangement for a joint initiative by TDB and SIDBI, to extend financial assistance to eligible MSMEs as per the terms & conditions of TDB & SIDBI.

With regards to the arrangement with TDB, Rahul Priyadarshi, Chief General Manager, SIDBI said, “SIDBI’s emphasis is on strengthening the MSME eco-system and realising GoI’s ideology of “Make in India” and making India “self-reliant”. This arrangement by SIDBI and TDB will support MSMEs with respective core competencies/expertise, with the common vision of financing MSMEs in India.”

SIDBI has been playing a significant role in developing financial services for the MSME sector through various interventions, including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, contributions to Venture capital and AIF funds, MSME ratings, promoting digital lending ecosystem, etc.

Furthermore, SIDBI has been touching the lives of citizens across various strata of society through its integrated and inclusive approach through various credit and developmental measures.

TDB provides financial assistance to industrial concerns and other agencies by financing the project for the development and commercial application of indigenous technology and/or for adapting imported technology for wider domestic applications.

Previous Article

November 17, 2023

Cellulant expands MENA operations with new Egypt payment licenses

Read More
Next Article

November 17, 2023

Prove Identity teams with Elo to combat fraud in Brazil

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

B2B Banking

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ecommpay & Mastercard partner to deliver Click to Pay in Europe

Read More

Today

Sopra Banking Software partners with Finom

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024