Manoj Mittal has been appointed as the new Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI). This appointment comes following the recommendation of the Financial Services Institution Bureau (FSIB) in April 2024. Prior to this role, Mittal served as the Managing Director (MD) of the Industrial Finance Corporation of India (IFCI).
Mittal brings over 33 years of experience in the financial services sector to his new position at SIDBI. His career highlights include serving as MD and CEO of IFCI and Deputy Managing Director at SIDBI. With this extensive background, Mittal is expected to lead SIDBI towards continued growth and support for the Micro, Small, and Medium Enterprises (MSME) sector.
SIDBI, established on April 2, 1990, under an act of the Indian Parliament, functions as the Principal Financial Institution dedicated to promoting, financing, and developing the MSME sector in India. The institution also coordinates with various other organizations engaged in similar activities to ensure cohesive and comprehensive support for the sector.
Mittal’s leadership is anticipated to steer SIDBI through new initiatives and programs aimed at enhancing the growth and sustainability of MSMEs across the country. His appointment marks a significant development for the institution, with a focus on strengthening its role in the financial ecosystem supporting small industries.