BANKING AFFAIRS

Detailed explanation-1: -SIDBI is the principal development financial institution for the promotion, financing, and development of the Micro, Small, and Medium Enterprises (MSME) sector in India. Hence, Option 3 is correct.

Detailed explanation-2: -In view of the fact that banks are the predominant source of finance in India, the Reserve Bank of India includes micro and small enterprises in the list of priority lending sectors.

Detailed explanation-3: -The correct answer is Small Industries Development Bank of India. It was set up in 1990 with the mission of empowering the Micro, Small, and Medium Enterprises (MSME) sector to contribute and balance regional financial institutions responsible for the promotion, financing, and development of the section.

Detailed explanation-4: -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-5: -National Small Industries Corporation Limited (NSIC) NSIC has been working to promote aid and foster the growth of micro, small and medium enterprises in the country.