CURRENT AFFAIRS

Detailed explanation-1: -Earlier, Rajasthan had partnered with SIDBI to develop MSME ecosystem.

Detailed explanation-2: -SIDBI has entered into a Memorandum of Understanding (MoU) with the Meghalaya Infrastructure Development and Finance Corporation Ltd (MiDFC) to develop the MSME ecosystem in the state, SIDBI said in a release. SIDBI is the country’s principal financial institution for Micro, Small and Medium Enterprises (MSMEs).

Detailed explanation-3: -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-4: -Credit and finance for MSMEs: Principal financial institution for the promotion, financing and development of MSMEs SIDBI on Wednesday signed a memorandum of understanding (MoU) with the Madhya Pradesh (MP) government to set up Project Management Units (PMU) in the state, SIDBI announced on Twitter.

Detailed explanation-5: -Prayaas Scheme of SIDBI Disbursed More Than 276 Crore Loans to 18000 Small Entrepreneurs. Disbursement of over 276 crore loans to more than 18000 small entrepreneurs is recorded under the Prayaas Scheme of Small Industries Development Bank of India (SIDBI).