SIDBI to Launch Two New Branches in AP

Kakinada: The Small Industries Development Bank of India (SIDBI) will open two new branches in Machilipatnam and Kakinada within the next two months, announced Chief General Manager Sanjay Gupta. Speaking at an outreach programme at the “Printer Cluster” in the industrial area on Sunday, Gupta revealed that these branches are part of SIDBI’s plan to open 24 new branches across India, as directed by Union Finance Minister Nirmala Sitharaman.

Gupta noted that while the bank currently offers loans starting at Rs. 1 crore, this minimum amount will soon be reduced to Rs. 10 lakhs. The interest rate will follow the Marginal Cost of Funds based Lending Rate (MCLR). SIDBI, which supports 45% of exports and provides employment to 15 crore people nationwide, is focused on promoting entrepreneur clusters and increasing productivity.

Kakinada Lok Sabha Member T. Uday Srinivas encouraged entrepreneurs to leverage SIDBI’s incentives to expand their businesses and create jobs. Printing Cluster Managing Director Korumilli Bala Prasad and others were also present at the event.