SIDBI & PMBI sign MoU for credit assistance to Jan AushadhiKendras

Jammu Tawi: Small Industries Development Bank of India (SIDBI) has signed an MoU with Pharmaceutical & Medical Devices Bureau of India (PMBI) to provide term loan and working capital credit to Jan AushadhiKendras (JAKs) being set up by aspiring entrepreneurs. JAKs are administered by PMBI, Department of Pharmaceuticals, Ministry of Health & Family Welfare and Chemicals & Fertilizers and they provide generic medicines to citizens at affordable prices under the Pradhan Mantri Bhartiya JanaushadhiPariyojana (PMBJP). There are more than 10000 operational JAK stores and Hon'ble Prime Minister has announced an ambitious plan to open an additional 15000 new JAK stores over next 2 years. SIDBI has leveraged its GST Sahay application to provide invoice-based working capital to JAKs and its Prayaas platform to provide project term loan for setting up new JAK stores.Speaking on the occasion, Dr. Mansukh Mandaviya, Hon'ble Union Minister of Health and Family Welfare and Chemicals & Fertilizers, explained how the Government has worked to scale up the JAK program over the last 8 years. S. Ramann, CMD, SIDBI said, ‘It is a proud moment for SIDBI to be associated with this prestigious and visionary program which is for the benefit of all the citizens of the country. SIDBI has completely digitized its credit operations and for the JAK program it has used latest digital technology and best-in-class Digital Public Infrastructure (DPI) of the country to create a customized credit program for JAKs.'