Finance Minister Nirmala Sitharaman Strengthens Support for MSMEs in Udaipur Visit

Union Finance Minister Nirmala Sitharaman underscored the Government's dedication to enhancing banking services for small entrepreneurs during her visit to Udaipur. The visit included key discussions on MSME support, the signing of an MoU between SIDBI and Udaipur Marble Association, and a performance review of Regional Rural Banks.

Union Finance Minister Nirmala Sitharaman reaffirmed the Government's promise to broaden banking services for small entrepreneurs. During an engagement in Udaipur with MSME entrepreneurs from the marble and granite industry, she stressed the importance of these services for the sector's growth.

Sitharaman highlighted that the recent Union Budget introduced several pivotal recommendations for the MSME sector, notably the expansion of SIDBI's branch network. SIDBI stands as the core financial institution supporting MSME growth.

Her visit to Udaipur, the first in a planned series of trips to MSME clusters, aimed to gather grassroots feedback. In Udaipur, she visited SIDBI's local branch, engaging with existing customers about credit requirements. She also presented sanction letters to several MSME units.

Union Minister of MSMEs Jitan Ram Manjhi, present at the event, reinforced the Government's commitment to extending scheme benefits to the grassroots level. He lauded the rapid advances of the Credit Guarantee Scheme for Micro and Small Enterprises, pointing to substantial budgetary enhancements of its corpus.

Manjhi stressed the need for banks to focus on micro units to stimulate livelihood opportunities for the impoverished. A Memorandum of Understanding (MoU) was signed between SIDBI and the Udaipur Marble Association to enhance the Association's capacity and market reach.

During her Udaipur visit, Sitharaman also reviewed the performance of nine Regional Rural Banks (RRBs) from Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, and Rajasthan. She urged these RRBs to provide accessible credit to MSMEs, calling for improved customer service and utilization of local connections to boost overall performance.

(With inputs from agencies.)