MUMBAI: Manoj Mittal has assumed the office as the chairman and managing director (CMD) of the small businesses-focused developmental lender Small Industries Development Bank of India (Sidbi).
Mittal was appointed by the government after the incumbent Sivasubramanian Ramann, a 1991 batch officer of Indian Audit & Accounts Service, superannuated. He was chairman & managing director from April 19, 2021.
Mittal has over 33 years of extensive experience in the finance sector, including his previous tenures as managing director and chief executive of the Industrial Finance Corporation of India (IFCI) and deputy managing director of Sidbi, the lender said in a statement Saturday.
Sidbi was established on April 2, 1990, under an Act of Parliament with a mandate 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.
The bank is under the regulatory supervision of the Reserve Bank of India. Three other all India-financial institutions--National Housing Bank, National Bank for Agriculture and Rural Development (Nabard and the Exim Bank--are also regulated by the RBI.