SIDBI opens branch its 13th branch in T.N. in Tiruchi

The Small Industries Development Bank of India (SIDBI) opened a branch in Thillai Nagar in Tiruchi on Monday

The Small Industries Development Bank of India (SIDBI) opened a branch in Thillai Nagar in Tiruchi on Monday.

The branch was declared open by Manoj Mittal, Chairman and Managing Director, SIDBI, in the presence of local industry representatives and senior bank officials.

Mr. Mittal said the MSMEs said there were more than 6.50 crore MSMEs in the country, employing more than 11 crore people. Considering the employment potential of the sector, the Centre was giving a thrust to cluster based approach for wider coverage of the MSMEs.

In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman had announced that SIDBI will open more branches to serve all major MSME clusters and 24 branches would be opened this year. This would expand SIDBI’s service coverage to 168 out of 242 major MSME clusters.

A branch office was opened last month in Vellore to serve the MSME clusters located at Vellore, Ranipet, and Tirupattur. The Tiruchi branch was SIDBI’s 13th in Tamil Nadu and it would serve the clusters in and around Tiruchi, including the jewellery cluster.

SIDBI has planned to open branch offices in Karur, Tirunelveli, and Sivakasi during the year. Till the branch office in Sivakasi is opened, the printing and safety match industries cluster in Sivakasi, Virudhnagar, Sattur, Srivilliputhur, Kovilpatti and Kalugumalai will be served through the Tiruchi and Madurai branches.

Mr. Mittal distributed sanction letters to various MSMEs on the occasion.