Small Industries Development Bank of India (SIDBI), the country's Principal Financial Institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSME), has entered into a Memorandum of Understanding (MoU) with Technology Development Board (TDB) with an aim to ease access of credit to MSMEs which are attempting development and commercial application of indigenous technology or adapting imported technology for wider domestic applications.
The MoU was executed by Shri Rahul Priyadarshi, Chief General Manager, SIDBI and Shri Rajesh Jain, Director, TDB.
This MoU is an arrangement for a joint initiative by TDB and SIDBI, to extend financial assistance to eligible MSMEs as per the terms & conditions of TDB & SIDBI. As regards the arrangement with TDB, Shri Rahul Priyadarshi, Chief General Manager, SIDBI said, "SIDBI's emphasis is on strengthening the MSME eco-system and realizing GoI's ideology of "Make In India" and making India "Self-reliant". This arrangement by SIDBI and TDB will support MSMEs with respective core-competencies / expertise, with the common vision of financing MSMEs in India."