CURRENT AFFAIRS

Detailed explanation-1: -SIDBI, Google ink partnership with $15 million corpus to help MSMEs - Small Industries Development Bank of India.

Detailed explanation-2: -The Bank executes its mandate through- Direct Lending- aims to fill the existing credit gaps in the MSME sector and is undertaken through demonstrative and innovative lending products, which can be further scaled up by credit delivery ecosystem.

Detailed explanation-3: -SIDBI provides financial support to MSMEs in the following ways: Indirect financing by way of refinancing the banks, refinancing financial institutions for onward lending to MSMEs. Direct financing by way of service sector financing, receivable financing, risk capital and sustainable financing, etc.

Detailed explanation-4: -Earlier, Rajasthan had partnered with SIDBI to develop MSME ecosystem.

Detailed explanation-5: -The Small Industries Development Bank of India (SIDBI) has entered into a partnership with VFS Capital to extend loans to the MSME sector, the Kolkata-based microfinance institution said. VFS Capital will extend MSME loans upto Rs 5 lakh at 13 per cent interest rate per annum, a top company official said.