SIDBI – Inauguration Of Branch Office At Ambattur, Chennai

SIDBI has been taking new initiatives to increase the flow of credit to MSMEs

Shri Sivasubramanian Ramann, Chairman and Managing Director, Small Industries Development Bank of India (SIDBI) inaugurated new office premises of SIDBI very close to Ambattur Industrial Area at Central Avenue, Korattur to cater to the growing financial requirements of MSMEs in Industrial Areas of Ambattur, Athipet, Korattur, Pattravakkam, Kakkalur, Thirumullaivoyil and the neighbouring areas. SIDBI Chennai Regional Head, Shri Ravindran A.L was also present. S/Shri G. Rajeswara Reddy, Field General Manager, Indian Bank, T. Nalangilli, President, AIEMA, Sai Sathya Kumar, Chairman ACMEE 2023 graced the occasion.

In his opening remarks, Shri Ramann mentioned SIDBI Ambattur Branch Office has taken necessary steps for securing the Green Interior Certification by Indian Green Building Council (IGBC). SIDBI has been taking new initiatives to increase the flow of credit to MSMEs. Providing ‘timely and adequate credit’ is the mantra followed in SIDBI. SIDBI has fully digitized its lending processes to extend financial assistance in 48 hours. SIDBI has recently launched fully automated straight through process to sanction loans up to Rs. 50 lakhs online within couple of hours.

He informed that SIDBI has been involved in drafting policies for providing timely financial assistance and liquidity to MSMEs. He emphasized on switch over from fossil fuel to renewable energy like solar, wind etc., with a view to become more sustainable and remain competitive and be part of national commitment on energy independence and carbon neutrality. Ambattur Branch will continue to work closely with AIEMA to provide focused financial support (retail lending) to its member MSMEs located in the vicinity.

During the event, he distributed sanction letters to micro and small enterprise customers for term loans ranging from Rs.20 Lakh to Rs.75 Lakh towards purchase of plant and machinery as part of expansion/ modernization projects under End-to-End Energy Efficiency (4E Scheme). The event was attended by members of various Industry Associations, bankers, Chartered Accountants and MSME entrepreneurs.

Shri Ramann also mentioned that as a part of its development intervention and with a view to support creation of hard infrastructure for MSMEs in the clusters, the Bank has set up SIDBI Cluster Development Fund (SCDF) with support from RBI.

Under this programme, financial support is extended in the form of term loan at concessional rates to the State Governments for covering the projects involved in the development of MSME eco-system. SIDBI has sanctioned 12 proposals aggregating around Rs.400 crore to GoTN and disbursed Rs.84.38 crore so far under SCDF. He indicated that it is heartening to note that the two projects funded by SIDBI under SCDF in the Ambattur Industrial Estate for construction of Workers’ Hostel (with 134 rooms to accommodate 800 industrial workers) and construction of 112 Plug & Play Flatted Factory Modules respectively have been progressing well at a faster pace and are almost nearing completion. He also indicated that these projects could be documented and presented as success stories for replicating in other States.

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