SIDBI launches ‘waste to wealth creation’ programme

Context

Small Industries Development Bank of India (SIDBI) has launched a new programme named ‘Waste to Wealth Creation’. 

• It will make ornaments and showpieces from fish scales in the Sundarbans in West Bengal.

Key-points

• Small Industries Development Bank of India (SIDBI) has launched the ‘Waste to Wealth Creation’ programme.
• The program is designed for women in the Sundarbans in West Bengal.
• In this, the women will make ornaments and showpieces from the fish scales.
• SIDBI will extend benefits to 50 women indirectly generating revenues from alternate livelihoods.
• In this programme, women are expected to become a trainer for replicating and disseminating the knowledge among other aspirants.
• This is a part of mission Swavalamban of SIDBI that aims to support artisans to become sustainable.

About Small Industries Development Bank of India (SIDBI)

• SIDBI is the principal development financial institution for promotion, financing and development of Micro, Small and Medium Enterprises (MSME) sector in India. 
• It was established on April 2, 1990 through an Act of Parliament (thus, it is a statutory body). 
• It is headquartered in Lucknow, Uttar Pradesh.
• SIDBI is mandated to serve as the Principal Financial Institution for executing the triple agenda of promotion, financing and development of the MSME sector and coordination of the functions of the various Institutions engaged in similar activities.
• SIDBI aims to facilitate and strengthen credit flow to MSMEs and address both financial and developmental gaps in the MSME eco-system across the country. 
• The shares of SIDBI are held by the Central Government and 29 other institutions including public sector banks (PSBs), insurance companies owned and controlled by the Central Government.