Small Industries Development Bank of India (SIDBI) has signed an MoU with Snapdeal, an e-commerce major in India, to provide financial support to its MSME vendors. The MoU was signed by Dr Kshatrapati Shivaji, CMD, SIDBI and Kunal Bahl, CEO, Snapdeal.
The MSMEs find e-commerce platforms like Snapdeal as a promising ground for increasing their business opportunities. SIDBI, which focuses on providing capital to India’s micro, small and medium-sized enterprises, will join other leading banks and non-banking financial institutions. As per the MoU, both entities will provide MSMEs, the necessary financial and non-financial support to help expand their business and reach.
- Recently launched MUDRA Bank is an Subsidiary of SIDBI Bank.
- SIDBI also functions as a Nodal/ Implementing Agency to various ministries of Government of India viz., Ministry of MSME, Ministry of Textiles, Ministry of Commerce and Industry, Ministry of Food Processing and Industry, etc.
- Recently Snapdeal Appoints Amit Choudhary as Senior Vice President Corporate Finance
Test your Knowledge
Who is the CEO of Snapdeal? Kunak Bahl
Where is the Headquarters of SIDBI located? Lucknow
