Small Industries Development Bank of India (SIDBI) and Common Service Centres (CSC) Thursday signed an MoU to help Village Level Entrepreneurs (VLEs).

CSC SPV and Small Industries Development Bank of India (SIDBI) signed an MoU for  providing financial support to the Village Level Entrepreneurs (VLEs) of Common Services Centers, with minimum one year of operation, under the Direct Financing Window of SIDBI, an official release said.

During the meeting, Minister of Electronics & IT Ravi Shankar Prasad said, “I am happy that SIDBI has come forward to support CSCs across the country to promote rural entrepreneurship, and with financial support  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.”

Referring DigiGaon Dhanaudi Kalan in Gautam Buddha Nagar, UP, Shri 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.”

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.

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.

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.

Pankaj Kumar, Additional Secretary, MEITY, Shri Sanjay Goyal, CGM, SIDBI, Ashok Kumar Pandey, General Manager, Direct Credit Vertical, SIDBI, and other dignitaries were present on the occasion.