What Is the Full Form of SSIDC in Banking?

The Full Form of ‘SSIDC’ in Banking is ‘State Small Industries Development Corporation’.

Full Form of SSIDC

The full form of ‘SSIDC’ in banking is ‘State Small Industries Development Corporation’. The SSIDC is a state-level public sector enterprise that provides financial and technical assistance to small and medium enterprises (SMEs) that want to set up or expand their industrial units. It was established in the year 1959 with the aim of promoting the growth of small industries in India, which are considered as the backbone of Indian economy.

The SSIDC provides financial support to SMEs by providing them with credit facilities at competitive interest rates, investment subsidies, loans and other kinds of assistance. The organization also offers technical assistance such as providing free consultancy services, training programs and market research services. Additionally, the organization has been instrumental in developing infrastructure such as industrial parks and common facility centers for SMEs.

The SSIDC operates through its network of regional offices located in different parts of India. These regional offices provide guidance to SMEs on various aspects such as legal procedures, registration requirements, taxation issues and other related matters. In addition, they also provide information regarding government schemes that may be beneficial for SMEs. Furthermore, these regional offices also act as nodal agencies for coordinating activities between different departments of the government such as Ministry of Micro and Small Enterprises (MMSES), Central Bank of India (CBIN), State Bank of India (SBI) etc.

The primary objective behind establishing the SSIDC was to promote economic development by creating an enabling environment for small industries to flourish in India. To achieve this objective, it has adopted various strategies such as providing finance at concessional rates, providing technological support services and assisting SMEs in marketing their products both domestically and internationally.

Apart from offering financial assistance to SMEs, the SSIDC also plays an important role in protecting their interests against unfair trade practices including those by big companies who indulge in anti-competitive practices like price fixing or cartelization. The organization has taken steps towards protecting intellectual property rights (IPR) of small businesses by creating awareness among them about their rights under copyright laws, patent laws etc., thereby helping them protect their original ideas from being copied or misused by large companies without any proper authorization or compensation due for it.

In summing up, it can be said that SSIDC has been instrumental in fostering entrepreneurship among Indians by providing financial assistance along with necessary technical support services which have helped create sustainable enterprises across India over a period of time. Thus contributing significantly towards economic development through job creation & wealth generation leading to overall prosperity & growth within our nation’s economy

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