Patna, Jan 10 (PTI) To widen its outreach in the twin states of Bihar and Jharkhand, the Small Industries Development Bank of India (SIDBI) has created its regional office (RO) in Patna.
With this move of the Central government, SIDBI’s branch offices located in Patna, Ranchi and Jamshedpur in Jharkhand, will now come under the jurisdiction of the bank’s regional office.
Till now, SIDBI had only a branch office in Patna.
The SIDBI hopes to aid the development of the two states through its credit-plus approach, and create stronger footprints for enterprise development at the grassroots level, creating employment and empowering entrepreneurs, as also work with the two state governments to add value to their initiatives, an official of the SIDBI said.
Anubha Prasad has been appointed as the first regional head of SIDBI Patna.
Prasad, who took charge of the office on Monday, previously headed regional offices of the SIDBI in Chandigarh and New Delhi.
“The SIDBI is the principal financial institution engaged in the promotion, financing and development of the Micro, Small and Medium Enterprises (MSME) sector. It offers a wide range of finance schemes to the MSME industry. Loan amounts can range from Rs.10 lakh to Rs.25 crore,” the SIDBI official said. The loans, which are offered at attractive interest rates, help provide the necessary capital for the growth and expansion of MSMEs, the official said.
Reacting to the Centre’s decision of creating SIDBI’s regional office in Patna, Bihar Finance Minister, Vijay Kumar Choudhary, told PTI, “The basic motive of any bank or any financial institution is to support and finance entrepreneurs. Whether it is a branch or regional office, we should assess how many people from Bihar benefit from this move”.
However, senior BJP leader and former Bihar Finance Minister, Tarkishore Prasad, appreciated the Central government’s decision of creating SIDBI’s regional office in Patna.
“It is a good initiative taken by the Central government for the enterprise development at the grassroots level, especially in Bihar. This will also create employment and empower entrepreneurs,” Prasad said. PTI PKD MM MM
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