On May 4, 2020, The Small Industries Development Bank of India(SIDBI) informed that it will launch ‘India SME Services Platform’, a digital platform to educate stakeholders in the small and medium enterprises(SME) ecosystem and have information on coronavirus-related initiatives for the sector.
Gist about the Platform
i.Provide Micro, Small and Medium Enterprises (MSMEs) information about starting operations, getting finance, credit enhancement and other support services
ii.Bring together all MSMEs, MSME ecosystem stakeholders, financiers, corporates, government, regulators, employees and associations in an interactive platform, where all will be at one place & one place for all kinds of initiatives.
iii.Will have a web page containing a dashboard of all schemes being implemented by the central government, state governments, banks and industry associations & the government can also monitor actions on policies, schemes and programmes for the sector.
iv.Industry associations can avail of a window for insights and analytics, partnerships and directory & give financiers an opportunity to look for marketplace, documentation support and loan management.
v.Regulators can tap macroeconomic trends, compliances, risk management and systemic aspects through the platform.
Other initiatives by SIDBI in relation to COVID-19
- Launched special liquidity schemes to support Micro, Small and Medium Enterprises(MSMEs)
- Announced that it will provide emergency working capital of up to Rs 1 crore to SMEs. The SIDBI Assistance to Facilitate Emergency response against coronavirus (SAFE) loan limit has been increased to 2 crores from Rs 50 lakhs.
About SIDBI:
Headquarters– Lucknow, Uttar Pradesh
Chairman & Managing Director (MD)– Mohammad Mustafa
