New Delhi: Small Industries Development Bank of India (SIDBI) on Monday celebrated its foundation day with the launch of a series of initiatives from its Lucknow bank headquarters.

A new step forward in commencing Bancassurance services for MSMEs was taken.

Also, a Memorandum of understanding (MoU) was signed with The New India Assurance Co. Ltd. and two MSMEs were issued insurance policies.

The day was celebrated as one of Sampark (connect), Sanwad (interaction), Suraksha (security), and Sampreshan (disseminate).

While flagging off its 'MSME contact programme'; Chairman and Managing Director, SIDBI, Mohammad Mustafa called upon the bank's officers to understand the opportunities, challenges and the ecosystem of MSMEs.

In his interaction, Mustafa mentioned that SIDBI has taken a series of steps both from direct lending and also policy advocacy.

Mustafa also launched Samridhhi - the virtual assistant on banks revamped universal loan portal www.udyamimitra.in.

A Bankability Kit, brought in partnership with Bank of Baroda and IDBI Bank, was also launched.

Mustafa mentioned that the coming year will see a slew of measures to create a large positive impact on the MSME sector.

The new SIDBI will endeavour to contribute to entrepreneurial India. Mustafa added.