SIDBI – Inauguration of Branch Office at Hosur, Chennai
Mumbai,February 24, 2023:- Shri Sivasubramanian Ramann, Chairman and Managing Director, Small Industries Development Bank of India (SIDBI) inaugurated new office premises of SIDBI located close to Industrial Estates to cater to the growing financial requirements of MSMEs in Hosur particularly in Industrial Areas of SIPCOT, SIDCO and also the neighbouring areas. Shri K. Velmurugan, President, HOSTIA and Shri Padmanabhan Babu, MD of Madhumita Dairy Products Pvt. Ltd. and one of the oldest customers of SIDBI, graced the occasion. SIDBI Chennai Regional Head, Shri Ravindran A.L was also present.In his opening remarks, Shri Ramann mentioned SIDBI has been taking new initiatives to increase the flow of credit to MSMEs. Providing ‘timely and adequate credit’ is the mantra followed in SIDBI. It has fully digitized its lending processes to extend financial assistance in 48 hours.
SIDBI has recently launched fully automated straight through process to sanction loans up to Rs. 50 lakh online within couple of hours. He informed that SIDBI has been involved in introducing policies for providing timely financial assistance and liquidity to MSMEs. He emphasized on switchover from fossil fuel to renewable energy like solar, wind etc., with a view to become more sustainable and remain competitive and be part of national commitment on energy independence and carbon neutrality. SIDBI Hosur Branch Office has taken necessary steps for securing the Green Interior Certification by Indian Green Building Council (IGBC). Hosur Branch has increased the assistance to MSMEs in the area with increasing the number of customers and disbursals to more than 2.5 times during less than 3 years. Hosur Branch will continue to work closely with MSMEs, Associations and all the stakeholders to provide focused financial support to MSMEs located in Hosur and nearby areas. Besides financial assistance SIDBI is dedicated to extending development support to entrepreneurs in their growth journey.
Shri Ramann also mentioned that as a part of its development intervention and with a view to support creation of hard infrastructure for MSMEs in the clusters, the Bank has set up SIDBI Cluster Development Fund (SCDF) with support from RBI. Under this programme, financial support is extended in the form of term loan at concessional rates to the State Governments for covering the projects involved in the development of MSME eco-system. He indicated that it is heartening to note that one of the projects funded by SIDBI under SCDF is towards environment protection viz., the 10 MLD TTRO Plant, located at the Kelavarapalli Dam, which will facilitate supply of treated water to the industries in SIPCOT, Hosur.
During the event, sanction letters were issued to micro and small enterprise customers for term loans ranging from Rs.30 Lakh to Rs.300 Lakh for purchase of plant and machinery as part of expansion/ modernisation projects under End-to-End Energy Efficiency (4E Scheme). This will help these MSMEs to reduce their carbon footprints. The event was attended by members of various Industry Associations, Chartered Accountants and MSME entrepreneurs.