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Which of the following bank is primarily focused on the development of the MSME (Micro, Small and Medium Enterprises) sector?

Which of the following bank is primarily focused on the development of the MSME (Micro, Small and Medium Enterprises) sector? Correct Answer Small Industries Development Bank of India

The correct answer is Small Industries Development Bank of India.

Key Points

  • Small Industries Development Bank of India
    • ​It was set up in 1990 with the mission of empowering the Micro, Small, and Medium Enterprises (MSME) sector to contribute and balance regional financial institutions responsible for the promotion, financing, and development of the section.
    • It was established on April 2, 1990, through an Act of Parliament.
    • It is the principal development financial institution for the promotion, financing, and development of the Micro, Small, and Medium Enterprises (MSME) sector in India.
    • Its headquartered in Lucknow, Uttar Pradesh.
    • It coordinates functions of institutions engaged in similar activities.
    • Chairman: Shri Sivasubramanian Ramanan.

Additional Information

  • Reserve Bank of India
    • It is India's central bank and regulatory body under the jurisdiction of the Ministry of Finance Government of India.
    • It is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system.
    • HQ: Mumbai
    • Governor: Shaktikanta Das 
  • National Bank for Agriculture and Rural Development
    • It is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
    • It is under the jurisdiction of the Ministry of Finance, Government of India.
    • HQ: Mumbai
    • Chairman: Dr. G.R. Chintala
  • State Bank of India
    • State Bank of India is an Indian multinational, public sector banking and financial services statutory body.
    • SBI is the 43rd largest bank in the world and ranked 236th in the Fortune Global 500 list of the world's biggest corporations of 2019.
    • HQ: Mumbai, Maharashtra
    • Chairman: Dinesh Kumar Khara

Related Questions

Which of the following is/are incorrect? 1. Karve Committee is related to the MSME sector. 2. The Micro, Small, and Medium Enterprises (MSME) are classified into two enterprises as per the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006. 3. Small scale enterprise is one in which investment in Plant and Machinery is more than twenty-five lakh rupees but does not exceed ten crore rupees
The following sentences have been given in a jumbled manner. Un-jumble the sentences and answer the option which describes the order of sentences in a correct manner.  A. India's government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign, the country's banking system may not be robust enough to do the job on its own B. India's micro, small and medium enterprise(MSME) ministry is discussing the proposal to pull in foreign banks with the country's ministry of finance, which will make a final call. C. The push for foreign loans comes on the heels of the Indian government's announcement earlier this month that it plans to borrow about 700 billion rupees by issuing overseas sovereign bonds. D. The government is in discussions with multiple foreign lenders, including Germany's state-owned development bank KfW Group, the World Bank and some Canadian institutions to extend lines of credit to small enterprises E. One official said that the government plans to source up to 1 trillion Indian rupees of loans from foreign institutions because Indian banks were not in a position to provide enough capital for the small business sector, which is seen as critical to job creation.
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