FSIB (Financial Services Institutions Bureau), which recommends persons for appointment as directors and non-executive chairpersons at state-owned banks and financial institutions, has picked Manoj Mittal, Managing Director at the government-owned non-banking financial company IFCI to be the next Chairman and Managing Director at Small Industries Development Bank of India (SIDBI).
“Financial Services Institutions Bureau interfaced with 21 candidates on April 09& 10, 2024 for the position of Chairman & Managing Director (CMD) in SIDBI. Keeping in view their performance in the interface, overall experience and the extant parameters, the Bureau recommends Shri Manoj Mittal for the position of CMD in SIDBI,” FSIB said in a statement on April 10.
Mittal, if appointed, will replace Sivasubramanian Ramann as SIDBI CMD. Ramann had joined SIDBI, the principal financial institution for MSMEs in India, in April 2021 for a three-year period.
Importantly, Mittal had joined IFCI in June 2021 after serving SIDBI as its Deputy Managing Director between February 2016 and January 2021.
According to Mittal’s LinkedIn profile, he joined SIDBI back in 1996 as a Scale 1 officer and rose through the ranks to become the bank’s Deputy MD in 2016.
As the Deputy MD, Mittal looked after the venture capital operations including Rs 10,000 crore Fund of Fund for Startups, Retail Direct Credit (portfolio of about Rs 10,700 crore), Risk Management, Compliance, Treasury & Resources, Recovery, Central Accounts, Promotional and Developmental activities, Digital Initiatives including PSB59, Audit, Associate Institutions and Legal functions of the Bank, his profile read.
The final decision on the FSIB recommendation for both positions would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi, according to a PTI report.
As the principal financial institution for MSMEs, SIDBI operates and implements multiple schemes to enable credit for MSMEs to purchase machinery, begin new projects, working capital, adopt processes for climate-friendly manufacturing and more.