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Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the National MSME Cluster Outreach Programme in Bengaluru, a joint initiative by the Department of Financial Services (DFS) and the Small Industries Development Bank of India (SIDBI). Attending virtually was Union MSME Minister Shri Jitan Ram Manjhi from Gaya, Bihar, along with Shri Pankaj Chaudhary, Union Minister of State for Finance, and Sushri Shobha Karandlaje, Union Minister of State for MSMEs.
Objective and Structure of the Programme
The MSME Cluster Outreach Programme connects around 150 MSME clusters across India to ensure financial inclusion and promote growth of Micro, Small, and Medium Enterprises (MSMEs). Senior bank officials were present across the clusters, reflecting a strong effort to facilitate access to financial services for MSMEs.
SIDBI and Nari Shakti Branches
Smt. Sitharaman also inaugurated six new SIDBI branches in Karnataka, including Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru, and Vijayapura, expanding SIDBI’s reach to support MSMEs. Additionally, she launched four Nari Shakti Branches of Union Bank of India in Bengaluru, Chennai, Jaipur, and Vishakhapatnam to empower women entrepreneurs, along with a Learning Centre of Canara Bank in Bengaluru.
Minister’s Address and Key Announcements
During her address, Smt. Sitharaman emphasized the role of MSMEs in innovation, job creation, and self-reliance. She highlighted the need for banks to increase credit support for MSMEs and set ambitious credit targets for banks and NBFCs
Additional MSME credit target of Rs. 1.54 lakh crore for the current fiscal year
- MSME credit growth goals of Rs. 5.75 lakh crore (FY 2024-25), Rs. 6.21 lakh crore (FY 2025-26), and Rs. 7 lakh crore (FY 2026-27).
Partnerships and Sanctions
A Memorandum of Understanding (MoU) was signed between SIDBI and Peenya Industries Association to strengthen support for MSMEs through credit facilities, capacity building, and knowledge-sharing.
In addition, sanction letters were distributed:
- 11 MSME customers of SIDBI received letters for loans totaling Rs. 25.75 crore.
- 2 MSME customers from the Nari Shakti Branch of Union Bank of India received letters totaling Rs. 11 crore, covering a range of industries including aerospace and quantum technology.
- Smt. Sitharaman also issued sanction letters under the Tarun Plus category of the Pradhan Mantri Mudra Yojana (PMMY), following the recent DFS enhancement of the PMMY loan limit from Rs. 10 lakh to Rs. 20 lakh.
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