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Business Economy


SIDBI to extend financial support to VLEs in CSCs

New Delhi, May 24 (UNI) Small Industries Development Bank of India (SIDBI) will extend financial support to the Village Level Entrepreneurs (VLEs) of Common Service Centres (CSCs).
For this, SIDBI and CSC SPV (Special Purpose Vehicle) inked a Memorandum of Understanding (MoU) here on Thursday in presence of Minister of Electronics & IT Ravi Shankar Prasad.
Through the MoU, the SIDBI will extend financial support to the VLEs of Common Services Centers, with minimum one year of operation, under the Direct Financing Window of SIDBI.
Under the Direct Financing Window, CSC SPV will approve the list of VLEs, within 25 km distance of SIDBI Branch Offices, who require financial support.
To avail the loan, the VLEs need to submit their CSC project, with maximum project outlay of Rs 3.50 lakh and term loan requirement not exceeding Rs 2 lakh per project, an official statement said.
Through the MoU, both CSC SPV and SIDBI seek to work together to bring more citizens under the ambit of financial inclusion. Moreover, it also seeks to enhance the financial viability of CSCs by including additional services in their bouquet of products.
Speaking on the occasion, Mr Prasad said that with financial support from SIDBI new avenues of opportunities will come up for CSCs.
Praising the efforts of CSCs in improving women’s health and hygiene through Stree Swabhiman initiative, he said that, “CSCs are doing outstanding work by providing low-cost sanitary napkins to girls and women in rural India.
There are 110 sanitary napkins manufacturing units and till the end of this year each block will have one, Mr Prasad added.
Referring DigiGaon Dhanaudi Kalan in Gautam Buddha Nagar, UP, Ajay Prakash Sawhney, Secretary, MEITY said that, “As CSCs across the country have gained momentum, financial support by SIDBI will undoubtedly create new opportunities for them.”
Dr. Dinesh Kumar Tyagi, CEO, CSC SPV asserted that, “Financial support by SIDBI will in long run help upgrade the potential of existing CSCs along with creating new opportunities to rural population.
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