BoB inks pact wtih SIDBI to help MSME revamp loans
Bank of Baroda (BoB) has signed a memorandum of understanding (MOU) with Small Industries Development Bank of India (SIDBI) to support MSME enterprises through a web-based platform called ‘Asset Restructuring Module for MSMEs (ARM-MSME)’ for submission of their loan restructuring proposal.
Recently the RBI extended the One-Time Restructuring (OTR) window till March 2021 to provide relief to MSMEs under financial stress, with credit exposure of up to ₹25 crore. Through this automated / Do-It-Yourself (DIY) web-portal, MSMEs can self-create their restructuring proposal with financial viability projections and relief options.
This initiative is the ‘first-of-its-kind’ to help MSMEs prepare their restructuring proposals by keying in only the most essential data of their past and projected financials.
Ram Jass Yadav, chief general manager, MSME and retail business, BoB, said, “Through this partnership, we will hopefully assist numerous MSMEs who are in need of guidance and currently seeking advisory for the one-time restructuring application from external sources as of today.”
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