The principal financial institution for the promotion, financing and development of small scale industries is ________.

SIDBI

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SFCs

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EXIM Bank

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IRBI

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Solution

The correct option is A SIDBI
The SIDBI (Small Industries Development Bank of India) is a wholly owned subsidiary of IDBI (Industrial Development Bank of India), established under the special Act of the Parliament 1988 which became operative from April 2, 1990. SIDBI was made responsible for administering Small Industries Development Fund and National Equity Fund that were administered by IDBI before. SIDBI is the Primary Financial Institution for promoting, developing and financing MSME (Micro, Small and Medium Enterprise) sector.

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