Bank of Baroda ties up with SIDBI to support MSMEs

Bank of Baroda has entered into MoU arrangement with SIDBI for a web-based platform namely ‘Asset Restructuring Module for MSMEs

Hyderabad: The Bank of Baroda (BoB) signed a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to support MSME enterprises with an online facility of submitting their loan restructuring proposal. The Union government and RBI have come up with several measures to extend relief to MSMEs to tide over the pressing times post Covid-19 pandemic.

Furthermore, RBI has extended the One-Time Restructuring (OTR) window till March 2021 to provide relief to MSMEs under financial stress, with credit exposure up to Rs 25 crore. In this backdrop, Bank of Baroda has entered into MoU arrangement with SIDBI for a web-based platform namely ‘Asset Restructuring Module for MSMEs (ARM-MSME)’ for MSMEs to self-create their restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options.

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While using the portal, the existing MSME borrowers of the bank can avail the online facility of submitting the application for restructuring of loan accounts from the comfort of their home/office at free of cost.

Ram Jass Yadav, Chief General Manager, MSME and Retail Business, Bank of Baroda, said, “Our partnership with SIDBI for a platform like ARM-MSME will provide time saving convenient solution to MSMEs, at no additional cost.” The link to access ARM-MSME portal is https://arm-msme.in/, a press release said.

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