Date:10/11/2005 URL: http://www.thehindubusinessline.com/2005/11/10/stories/2005111002321900.htm

Back SIDBI sets up arm in Ambattur industrial estate

Our Bureau

Chennai , Nov 9

THE Small Industries Development Bank of India (SIDBI) has set up a branch in the Ambattur industrial estate - home to some 2,300 small and medium engineering units.

"The idea is to be nearer the customers," the Chairman and Managing Director of SIDBI, Mr N, Balasubramanian, told Business Line.

He said that there were a lot of opportunities for direct lending and SIDBI would share risks with commercial banks that have been lending to the units in the area.

But more than lending, SIDBI, as the nodal agency for small industries development, would focus on all needs of the units rather than just commercial finance. SIDBI would also bring to the customers the services of the newly-set up SME Rating Agency of India Pvt Ltd.