Q4. With reference to SIDBI, which of the following statements is/are correct?

1. It is a statutory body.

2. It acts as the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise.

Which of the above statement(s) is/are correct?

(a) Only 1

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(b) Only 2

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(d) None of the above

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Solution

The correct option is C
(c) Both 1 and 2

Small Industries Development Bank of India (SIDBI), set up on April 2, 1990 under an Act of Indian Parliament, acts as the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.

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