|SIDBI ties up with Dun & Bradstreet
for rating SSIs
The Small Industries development Bank of India has tied up with Dun and Bradstreet Information Services India Pvt. Ltd. a subsidiary of the US-based Dun and Bradstreet Corporation for rating small-scale industries.
According to officials, the rating will help SSIs to access market and product information database for enhancing their export capabilities. With every bank becoming cautious in lending, the rating will help the SSIs to readily access bank finance.
To this effect, Dun and Bradstreet has already completed the rating exercise of 67 SSIs. As an incentive to the SSIs to go in for rating, SIDBI has agreed to subsidise 50 per cent of the fees incurred by the industries for the exercise. Part of the fees will be subsidised by SIDBI up to a maximum of Rs. 12,500.
Further, SIDBI has constituted an advisory committee on marketing in order to take the initiative for promoting marketing of SSI products. Besides the domestic operations, the bank is also planning to expand its operations to some of the African countries to develop the smallscale sector and create business opportunities for Indian businessmen.
In order to fulfil the factor.... needs of the SSI units. SIDBI has already started offering factor... services. During the year, sanctions aggregated Rs. 1.58 crore while Rs. 52 lakhs was disbursed under the scheme.
It has initiated several measures for promoting SSI exporters. It has introduces pre-shipment credit in foreign currency limits in Euro and also a scheme of booking forward exchange contracts.Sanctions under pre-shipment credit increased by 21.4 per cent to Rs.264.88 crores by 1998-99. Disbursements grew by 37.3 per cent to Rs. 169.18 crores.
Under the promotional and developmental scheme, the sanctions and disbursements increased to Rs. 23.65 crores and Rs.9.39 crores during 1998-99 from Rs. 15.24 crores and Rs. 6.19 crores in 1997-98. Similarly, under the micro credit scheme, the bank has sanctioned Rs. 14.13 crores to 32 micro finance institutions and non-Government organisations for on-lending to partners. It has already launched the SIDBI Foundation for micro credit with an initial corpus of Rs. 100 crores to institutionalise the microfinance system in the country.
COSIDICI meet in Shillong Promotion of industrial development in NE stressed
Council of State Industrial Development and Investment Corporations of India (COSIDICI), New Delhi, will work out a plan to promote industrial development in the Northeastern India.
Addressing a press conference at Hotel-Polo Towers here on Saturday, COSIDICI president Dr. D C Mishra said that the executive committee of the Corporation has emphasised the need to explore the vast natural resources of the region. The region needs a sharp focus as far as industrial developments are concerned, he said.
As a long term measure to explore the region resources, the committee has decided a hold a national seminar-cum-fair somewhere in the region during the month of November, Dr. Mishra said. The Union finance minister, industry minister and cheif ministers of all the Northeastern states would be invited to the seminar. The seminar will provide an opportunity to all the states to highlight their industrial potentialities, he added. The COSIDICI present also informed that other industrial financial institutions, like IDBI, SIDBI and NEDFI will also take part in the seminar.