On 25th February 2021, the Small Industries Development Bank of India(SIDBI), signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh(AP) to develop the micro, small and medium enterprises (MSME) ecosystem in AP.
The MoU was signed by JVN Subramanyam, director of industries, commerce and export promotion, Andhra Pradesh and Sanjay Jain, general manager, regional head, SIDBI, Hyderabad.
Key People:
The mou was signed in the presence of Mekapati Goutham Reddy Industries minister of Andhra Pradesh.
Features of the MoU:
i.As a part of this association, SIDBI will set up a project management unit (PMU) which will design schemes and programmes in the areas like equity support, interest subvention resolution of stressed MSME and supporting MSME entrepreneurs.
ii.The PMU will study the existing framework of the schemes, interventions, initiatives and projects that are currently available for the benefit of MSME and suggest modification.
iv.SIDBI has appointed an expert agency to set up the PMU’s in 11 states which includes Assam, New Delhi, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand, Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu on a plot basis.
v.The proposed development initiatives were in line with the visions of RBI appointed UK Sinha committee on MSME.
Recent Related News:
On November 25, 2020 Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Tamil Nadu(TN) government to develop the MSMEs (Micro, Small and Medium Enterprises) ecosystem in the state. Under the MoU, a Project Management Unit (PMU) will be set up by SIDBI in Tamil Nadu.
About Small Industries Development Bank of India (SIDBI):
SIDBI is a Principal Financial Institution established to promote, finance and develop MSME sectors.
Deputy Managing Director- V Satya Venkata Rao
Headquarters– Lucknow, Uttar Pradesh
