New Delhi, May 26 -- The Small Industries Development Bank of India (SIDBI) is actively developing a co-lending model with Regional Rural Banks (RRBs) to extend affordable credit to micro, small and medium enterprises (MSMEs) in rural and semi-urban India.

At the institution's 37th Foundation Day event, SIDBI Chairman and Managing Director Manoj Mittal said, "We have done a pilot with a few branches of three RRBs, and the results have been quite encouraging. With 23 branches of RRBs, we intend to extend affordable MSME credit at a scale to every corner of Bharat," as quoted by ANI.

The co-lending initiative was conceptualised following directions from Finance Minister Nirmala Sitharaman during a review meeting of RRBs.

He emphasised, "...