The Small Industries Development Bank of India (SIDBI), a key financial institution under the Union government focused on promoting and financing micro, small, and medium enterprises (MSMEs), has opened a new branch in Thillai Nagar, Trichy. The branch, inaugurated on Monday, aims to serve industrial clusters in the region, including the prominent jewellery cluster and MSME units supporting BHEL Trichy.
This expansion is part of a larger government initiative announced in the Union budget to extend SIDBI’s reach. Officials revealed that the plan includes opening 24 new branches by the end of 2024, which would increase SIDBI’s service coverage to 168 out of 242 major MSME clusters nationwide.
Speaking at the inauguration, Manoj Mittal, Chairman and Managing Director (CMD) of SIDBI, highlighted the significance of the Trichy branch for the local MSME community. “As of June 2024, MSMEs in Trichy district have been supported with credit facilities worth Rs 7,660 crore, primarily through the commercial banking network,” Mittal stated. He also announced future branch openings in Karur, Tirunelveli, and Sivakasi, noting the revival of BHEL as a major opportunity for MSMEs in the region.
“The new branch will help MSMEs adopt modern technology, enhancing their competitiveness in the market,” Mittal said, adding that until the Sivakasi branch is established, industries like printing and safety matches in Sivakasi and Virudhunagar will be serviced by the Trichy and Madurai offices.
Local MSMEs expressed optimism, with many stating that SIDBI’s presence in Trichy will provide much-needed support to upgrade infrastructure and boost orders. BHEL Trichy, with plans to commission seven thermal power plants across India, has estimated an annual demand for 1.2 lakh metric tonnes of outsourced components, signaling strong growth prospects for the ancillary MSME units in the area.
