SIDBI, New India Assurance partner to cater to MSMEs

SIDBI has tied up with New India Assurance Co Ltd as a bancassurance partner to cater to the insurance needs of small businesses.

A memorandum of understanding (MoU) was signed with The New India Assurance Co and two MSMEs were issued insurance policies, SIDBI said in a statement today.

SIDBI is evolving as one stop solution provider, it said and launched a revamped website aimed at transforming the MSE ecosystem in the country on the occasion of its foundation day today.

SIDBI also launched an MSME contact programme to understand their opportunities, challenges and eco system so as to grasp what can be done to ease the way they do business. Mustafa said a it will soon introduce contact-less loan platform on the website.

"The coming year will see a slew of measures to create a large positive impact on MSME sector. New SIDBI will endeavour to contribute to new and entrepreneurial India in a manner that no one can imagine MSME without us," SIDBI Chairman and Managing Director Mohammad Mustafa said.

While next year will be year of direct finance, institutional financing shall be growth engine and promotion & development shall be core strategy.

"In order to have feet on street, SIDBI shall endeavour to work with teachers and colleges in some states to motivate people to become job creator and not job seekers.

"The plan is to create a network which will result in selection of model entrepreneurs every year who will be supported by SIDBI in creating sustainable business models," he said.