BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which is the principal institution for promotion, financing and development of small scale industries in the country?

A	RBI
B	SBI
C	IDBI
D	SIDBI

Explanation:

Detailed explanation-1: -SIDBI is the Principal Financial Institution engaged in promotion, financing & development of the Micro, Small and Medium Enterprises (MSMEs) sector and coordination of the functions of the various institutions engaged in similar activities.

Detailed explanation-2: -Role of SIDBI SIDBI is mandated to serve as the Principal Financial Institution for executing the triple agenda of promotion, financing and development of the MSME sector and coordination of the functions of the various Institutions engaged in similar activities.

Detailed explanation-3: -SIDBI helps MSMEs in acquiring the funds they require to grow, market, develop and commercialize their technologies and innovative products. The bank provides several schemes and also offers financial services and products for meeting the individual’s requirement of various businesses.

Detailed explanation-4: -SIDBI was set up on 2nd April 1990. It acts as the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector.

There is 1 question to complete.