Small Industries Development Bank of India (SIDBI)

Question: In which year Small Industries Development Bank of India (SIDBI) was set up under an Act of Indian Parliament?
(a) 1989
(b) 1990
(c) 1991
(d) 1992
Answer: (b)
Related Facts:

  • On April 2nd, 2018, SIDBI celebrated its foundation day as day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate).
  • Small Industries Development Bank of India (SIDBI), acts as the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector as well as for co-ordination of functions of institutions engaged in similar activities.
  • It was set up on 2nd April 1990 under an Act of Indian Parliament.
  • Chairman Managing Director of SIDBI Shri Mohammad Mustafa launched a series of initiatives.
  • In his interaction CMD mentioned that SIDBI has taken a series of steps both from direct lending (launch of growth support to MSME -SMILE loans around 8.12% and enhancing its footprint through string of Resident Representative Office ) as also policy advocacy ( launch of CRISIDEX, to gauge MSME aspirations, and MSME pulse, the health tracker for MSMEs).
  • A new step forward in commencing Bancassurance services for MSMEs was also taken.
  • An MoU was signed with The New India Assurance Co. Ltd. and two MSMEs were issued insurance policies.
  • SIDBI is thus evolving as one stop solution provider.
  • On launching the revamped SIDBI website (www.sidbi.in) on this occasion CMD mentioned that it is an attempt to reimagine the site to reflect the new vibrant face of SIDBI.
  • Chairman SIDBI also launched Samridhhi- the virtual assistant on banks revamped universal loan portal udyamimitra.in. It will answer standard queries of aspirants 24*7.
  • During the day, a ‘Bankability Kit’ (brought in partnership with Bank of Baroda and IDBI Bank) was also launched.
  • It is a step to look beyond financial literacy and be a trusted guide for aspirants and existing entrepreneurs to know entrepreneurial self, know banker & know banking.

Reference:                         
http://pib.nic.in/newsite/PrintRelease.aspx?relid=178250
https://www.sidbi.in/About_SIDBI.php