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SIDBI Signs MOU with Maharashtra Government to Develop MSMEs

Under the concord, SIDBI will deploy a Project Management Unit with the Government of Maharashtra
BY BEx Bureau
Sep 03, 2020

Small Industries Development Bank of India (SIDBI) has lately entered into a Memorandum of Understanding (MOU) with the Maharashtra Government to enhance the micro, small and medium enterprise (MSME) ecosystem in the province, reported The Hindu.

Under the concord, SIDBI will deploy a Project Management Unit with the Government of Maharashtra, the cited media agency reported quoting SIDBI's official statement.

The role of the PMU will be to design schemes or programmes in the areas of equity support, interest subvention, resolution of stressed MSMEs, supporting MSME entrepreneurs and facilitate other need-based intervention based on evaluation of the existing status of MSMEs, SIDBI stated in the official statement.

"We have appointed an expert agency for setting up PMUs in 11 states... Imbibing good practices, rejuvenating existing programmes and policies, and enabling more responsive ecosystem shall be the target of our joining of hands," V Satya Venkata Rao, Deputy Managing Director, SIDBI said in the statement.

This initiative has been aligned to anticipations laid in the UK Sinha Committee on MSMEs organized by the central bank, Reserve Bank of India (RBI, reported Deccan Hearld.

It concentrates on fortifying SIDBI's engagement with state governments for the development and promotion of MSMEs. The PMU will also initiate the process for onboarding MSMEs onto digital platforms like stock exchange listing, e-commerce platforms and PSBLoansIn59Minutes etc.

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