Months after the government announced the appointment of Manoj Mittal as the new Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI), Mittal has taken charge. This appointment follows a recommendation from the Financial Services Institutions Bureau (FSIB), which evaluated 21 candidates based on their performance and experience.
As the CMD of SIDBI, the top finance leader will be responsible for overseeing the bank’s operations, strategic initiatives, and overall management. He will focus on enhancing SIDBI’s role in promoting, financing, and developing the Micro, Small, and Medium Enterprise (MSME) sector in India.
Mittal replaces Sivasubramanian Ramann, who served as SIDBI’s chief since April 2021. Ramann’s tenure was marked by efforts to stabilise and grow the institution amidst various economic challenges.
One of the major challenges for the new CMD will be continuing SIDBI’s mission to support MSMEs, which are crucial to the country’s economic growth but often struggle with access to finance and market opportunities. Strengthening SIDBI’s financial position and expanding its impact will be key tasks, according to senior BFSI leaders.
The seasoned finance professional brings over 33 years of extensive experience in the sector to his new role. Before his appointment as CMD of SIDBI, he served as the Managing Director and CEO of the Industrial Finance Corporation of India (IFCI).
Also, he has prior experience with SIDBI, having served as Deputy Managing Director from 2016 to 2021. During his tenure at SIDBI, he was instrumental in the development and implementation of SIDBI Vision 2.0, which significantly strengthened the institution’s financial stability and impact, said a serving senior general manager.
Mittal holds a Bachelor of Technology in Mechanical Engineering from Kamla Nehru Institute of Technology, Sultanpur, graduating with honours in 1988. He completed a Post Graduate Diploma in Business Management from YMCA, Delhi, in 1990. He also holds certifications from Harvard Business School in Strategic Leadership in Inclusive Finance.
