Question: Who has been appointed as the new Chairman and Managing Director of SIDBI ?
(a) Smasher Gupta
(b) Mohammad Mustafa
(c) Rajiv Gupta
(d) Anil Gupta
- On August 3, 2017, the Central Government appointed senior IAS officer Mohammad Mustafa as the new Chairman and Managing Director of the SIDBI (Small Industries Development Bank of India).
- His appointment has been approved by the Appointments Committee of the Cabinet for a period of three years.
- Mr. Mustafa is a 1995 batch IAS officer and was Joint Secretary in the Department of Financial Services (DFS) in the Finance Ministry.
- Small Industries Development Bank of India (SIDBI) was set up on April 2, 1990 under an Act of Indian Parliament. It acts as the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.
- MSME sector is an important pillar of Indian economy as it contributes greatly to the growth of Indian economy with a vast network of around 5.1 crore units, creating employment of about 11.7 crore, manufacturing more than 6,000 products, contributing about 45% to manufacturing output and about 40% of exports in terms of value, about 37% of GDP.
- SIDBI strives to address the financial and non-financial gaps in MSME eco-system.
- As on March 31, 2016, SIDBI has made cumulative disbursements of about `4.50 lakh crore benefitting about 350 lakh persons.