SIDBI Sanctions Rs.1, 112 Crore This Fiscal to Startups (Download PDF)

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Expert committee set up by SIDBI has sanctioned Rs. 300 crore to fund managers. They would invest in startups, taking total sanctions so far fiscal to over Rs. 1, 100 crore. This money will be released spread over the 14th and 15th finance commission cycles.

Small Industries Development Bank of India

Small Industries Development Bank of India

Small Industries Development Bank of India

Highlights

  • During fiscal year 2014 - 15 and 2015 - 16 sanctions were made to 11 funds amount was Rs. 314 crores, 16 funds amounting Rs. 607 crores respectively.
  • Number during current financial year has already crossed Rs. 1, 112 crores to 30 funds.
  • Promoting startups, Cabinet had last year approved setting up of a ‘Fund of Funds for Startups’ with a corpus of Rs. 10, 000 crore at SIDBI (Small Industries Development Bank).
  • SIDBI as manager of these Funds has constituted a Venture Capital Investment Committee (VCIC) which includes external experts.
  • Name of committee members: Mohandas Pai, Sanjeev Bikchandani, Saurabh Srivastava, H K Mittal, Prof Vaidyanathan and Kiran Karnik.
  • VCIC examined requests from 11 fund managers and cleared for sanction requests from 9 Funds.
Highlighting SIDBI , MSME , VCIC

Highlighting SIDBI, MSME, VCIC

Highlighting SIDBI, MSME, VCIC

About Small Industries Development Bank of India (SIDBI)

  • It is headquartered in Lucknow.
  • It is an independent financial institution aimed to growth and development of micro, small and medium-scale enterprises (MSME) in India.
  • It was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.
  • Currently ownership is held by 34 Government of India owned/controlled institutions.
  • Recently it has opened seven branches christened as Micro Finance branches, aimed especially at dispensing loans up to ₹5 lakh.

- Published/Last Modified on: March 17, 2017

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