SIDBI, CSC SPV Signed MoU to Facilitate Financial Assistance To Village Entrepreneurs

SIDBI, CSC SPV Signed MoU to Facilitate Financial Assistance To Village Level Entrepreneurs- Details, Aim, Purpose, About

Small Industries Development Bank of India (SIDBI) and Common Service Centres (CSC) Special Purpose Vehicle (SPV) signed MoU for providing financial support to village-level entrepreneurs in CSCs.

Under the MoU, SIDBI will extend financial support to VLEs of CSCs, with minimum one year of operation, under its Direct Financing Window.

Under the MoU, all CSC SPV and SIDBI will work together to bring more citizens under the ambit of financial inclusion. Moreover, it will also aim to enhance the financial viability of CSCs by including additional services in their bouquet of products.

Under Direct Financing Window, CSC SPV will approve the list of VLEs, within 25 km distance of SIDBI Branch Offices, who require financial support. To avail loan, VLEs need to submit their CSC project, with a maximum project outlay of Rs. 3.50 lakh and term loan requirement not exceeding Rs. 2 lakh per project.

Common Service Centres (CSC)

CSC is an initiative of Ministry of Electronics & IT (MeitY). It is a strategic cornerstone of the Digital India programme. It is pan-India network catering to the regional, geographic, linguistic and cultural diversity of the country, thus enabling Government’s mandate of a socially, financially and digitally inclusive society.

At present, there are 2.91 lakh CSCs operated in India. This CSCs serve as access points for delivery of essential public utility services, social welfare schemes, financial, healthcare, education and agriculture services, apart from the host of B2C services to citizens in rural and remote areas of the country.

Small Industries Development Bank of India (SIDBI)

SIDBI is principal development financial institution for promotion, financing and development of Micro, Small and Medium Enterprises (MSME) sector in India.

SIDBI was established on 2nd April 1990, through an Act of Parliament (thus, it is the statutory body).

SIDBI is headquartered in Lucknow, Uttar Pradesh. It facilitates and strengthens credit flow to MSMEs and address both financial and developmental gaps in MSME eco-system across the country.