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Finance Minister Nirmala Sitharaman Launches National MSME Cluster Outreach Program.

National | Dated: 19 Nov 2024

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has launched the National Micro, Small and Medium Enterprises (MSME) Cluster Outreach Program, which was jointly organized by the Department of Financial Services (DFS), Ministry of Finance, Government of India, and Small Industries Development Bank of India (SIDBI).

🎯 Key Highlights:

  • - The launch took place in the presence of Jitan Ram Manjhi, Union Minister for MSMEs, who joined virtually from Gaya, Bihar; Pankaj Chaudhary, Union Minister of State for Finance; and Sushri Shobha Karandlaje, Union Minister of State for MSMEs, in Bengaluru. Other notable attendees included Nagaraju Maddirala, Secretary of the Department of Financial Services (DFS), and Manoj Mittal, Chairman & Managing Director of SIDBI.
  • - Around 150 MSME Clusters with senior bank officials of each cluster were connected virtually for the launch.
  • - The main aim of the MSME Outreach program was to provide easy availability of financial services and promote the growth of MSMEs across the country.

💡 Other Important Facts:

  • (i) The Union Finance Minister also virtually launched 6 new Small Industries Development Bank of India (SIDBI) Branches in Karnataka, located at Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru and Vijayapura, thus expanding SIDBI's reach and financial assistance to MSMEs in these Clusters.
  • (ii) All Scheduled Commercial Banks and NBFCs have been given a target of providing additional MSME credit of 1.54 lakh crore in the current financial year.
  • (iii) Sanction letters were issued to five Canara Bank borrowers under the newly introduced Tarun Plus category of the Pradhan Mantri Mudra Yojana (PMMY).

📚 Test Your Knowledge:

Recently, who launched the National MSME Cluster Outreach Program?

Correct Answer: Nirmala Sitharaman

🚀 Quick Recap:

About Small Industries Development Bank of India (SIDBI)

  • CMD : Manoj Mittal
  • Headquarters : Lucknow