SIDBI Branch Expansion Requested in Andhra Pradesh

Amaravati, Aug 8 (PTI) Andhra Pradesh Chambers of Commerce & Industry Federation (AP Chambers) president P Bhaskar Rao on Thursday requested the chairman and managing director of Small Industries Development Bank of India (SIDBI) Manoj Mittal to open more branches in the state.

Rao noted that SIDBI branches are needed as there are numerous MSME clusters in the southern state and called for branches at Machilipatnam, Kakinada, Guntur and Kurnool.

Currently, SIDBI operates branches in Vijayawada, Vizag and Tirupati.

"As there are numerous MSME clusters in Andhra Pradesh, consider opening new branches in key clusters such as Machilipatnam, Kakinada, Guntur and Kurnool," said Rao in a letter to Mittal.

Lauding SIDBI for dedication to improve credit flow to MSMEs, the AP Chambers president highlighted that the bank addresses financial and developmental challenges within the ecosystem.

Emphasising the thriving gold business in Machilipatnam, he noted that the town has strategic importance by virtue of the Machilipatnam Port, while Kakinada is significant for the same reason as well as a thriving MSME sector.

Similarly, he noted that Guntur is renowned for its agro-based market, featuring spices, textiles and tobacco and others, while Kurnool houses an industrial park in Orvakal with a large potential for industrial growth.

Rao added that new branches will facilitate better credit access and give a fillip to industrial development in the southern state.