Sitharaman launches National MSME Cluster Outreach Programme in Bengaluru; sets ₹1.54 lakh crore extra MSME credit target
On 9 November 2024 in Bengaluru, Karnataka, Finance Minister Nirmala Sitharaman launched the National MSME Cluster Outreach Programme and virtually inaugurated six new SIDBI branches in Karnataka.
Summary
On 9 November 2024 in Bengaluru, Karnataka, Union Finance Minister Nirmala Sitharaman launched the National MSME Cluster Outreach Programme, organised by the Department of Financial Services with banks; around 150 MSME clusters were connected virtually. She virtually inaugurated six new SIDBI branches in Karnataka at Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru and Vijayapura, besides four Nari Shakti branches of Union Bank of India. She set a target for scheduled commercial banks and NBFCs to provide additional MSME credit of ₹1.54 lakh crore in FY 2024-25. MSME Minister Jitan Ram Manjhi urged banks to extend more credit to small enterprises in rural areas.
Key facts
- Date/place
- 9 Nov 2024, Bengaluru, Karnataka
- Launched
- National MSME Cluster Outreach Programme
- Clusters linked
- About 150
- New SIDBI branches
- Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru, Vijayapura
- Credit target
- Additional ₹1.54 lakh crore MSME credit in FY25
- Also
- Four Nari Shakti branches of Union Bank of India
Practice MCQs 3 questions
On 9 November 2024, the Finance Minister set a target for banks and NBFCs to provide additional MSME credit in FY 2024-25 of:
Show answer
Correct answer: C — ₹1.54 lakh crore
PIB (Finance): the FM set a target for all scheduled commercial banks and NBFCs to provide additional MSME credit of ₹1.54 lakh crore in FY 2024-25.
How many new SIDBI branches in Karnataka did the Finance Minister virtually inaugurate on 9 November 2024?
Show answer
Correct answer: D — Six
PIB (Finance): six new SIDBI branches at Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru and Vijayapura (plus four Nari Shakti branches of Union Bank of India).
About how many MSME clusters were connected virtually for the launch of the National MSME Cluster Outreach Programme?
Show answer
Correct answer: A — 150
PIB (Finance): around 150 MSME clusters were connected virtually for the launch.