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Small Industries Development Bank of India (SIDBI) has taken initiative for setting up of a second national level fund viz. “SIDBI Growth Fund” with a corpus of Rs.100 crore which would focus on small units of various industries including software and IT industries. The corpus of SIDBI Growth Fund is proposed to be raised to Rs.500 crore in due course. Besides, SIDBI has already established a National Fund for Software and IT Industry with a committed corpus of Rs.100 crore.
Advances by the public sector banks to Software Industries in SSI sector, having credit limit upto Rs.1 crore, increased to Rs.401.13 crore during the financial year 2003-04 as compared to Rs.162.19 crore during 2002-03. State Bank of India at Rs.190 crore is the biggest lender to software industries followed by State Bank of Saurashtra at Rs.91 crore and Andhra Bank at Rs.36 crore. There has been some concern on advances to software companies in the Small Scale Sector.
BSC/BY/CS-39/5
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