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SIDBI, New India Assurance partner to cater to MSMEs

Press Trust of India  |  New Delhi 

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

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

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 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 in a manner that no one can imagine MSME without us," SIDBI 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 02 2018. 21:45 IST