Akhilesh asks PM Modi to set up SIDBI's head office in Lucknow

Uttar Pradesh Chief Minister Akhilesh Yadav today wrote a letter to Prime Minister Narendra Modi requesting him to set up the head office of Small Industries Development Bank of India (SIDBI) in Lucknow.
In the letter, Yadav requested the PM to immediately transfer the departments which have been shifted to Mumbai as well as the office of the chairman/managing director here, an official release said.
He (Yadav) stressed on the point that this step will boost small industries as well as encourage economic and business activities in the state and lead to economic development not only of Uttar Pradesh but also of adjacent states which have remained backward, it added.

Yadav recalled that earlier in 1990 it was decided to set up the head office of SIDBI in Lucknow, keeping with the slow pace of industrialisation here, and an act was also passed in this direction.
In the letter, he also said that infrastructure like offices and housing buildings were also constructed here but gradually important departments were shifted from Lucknow to Mumbai in 2003.
He pointed out that SIDBI is the only national level financial institution of the central government in the state, the release said.
Set up on April 2, 1990, SIDBI is the principal financial institution for the promotion, financing and development of the Micro, Small and Medium Enterprise (MSME) sector and for co-ordination of the functions of the institutions engaged in similar activities.