CSEET · Economic and Business Environment · Entrepreneurship Scenario
Which institution was set up under the Small Industries Development Bank of India Act, 1989 as the principal financial institution for promotion, financing and development of the MSME sector and for coordinating the functions of institutions engaged in similar activities?
The correct answer is SIDBI. It was created under the Small Industries Development Bank of India Act, 1989 as the principal financial institution for promoting, financing and developing MSMEs and coordinating related institutions. NABARD serves agriculture and rural sectors, while EXIM Bank focuses on foreign trade finance.
- ANABARD
- BSIDBICorrect
- CEXIM Bank
- DIFCI
Explanation
SIDBI was established in 1990 under the 1989 Act as the apex institution for MSME financing and development. NABARD is the apex body for agriculture and rural development, EXIM Bank handles foreign trade finance, and IFCI is a long-term industrial finance institution, so they do not hold the MSME apex role.
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