Categories: Business

SIDBI launches asset restructuring web module to help MSMEs take benefit of RBI’s guidelines

Small Industries Development Bank of India (SIDBI), the country’s apex financial institution for the promotion, financing and development of Micro, Small and Medium Enterprises (MSME), has launched a web portal to help MSMEs take benefit of Reserve Bank of India’s (RBI) MSME restructuring guideline. With the help of this Do-It-Yourself (DIY) asset restructuring web module, MSMEs will be able to prepare restructuring proposals by keying in only the most essential data of their past financials, future projections and restructuring requirement. The proposal prepared can be submitted online to the banks and reports can also be generated for submission to banks through email or in hard copies.

Speaking on the occasion, Shri Manoj Mittal, Deputy Managing Director of SIDBI said, “We have developed this module in collaboration with our associate, India SME Asset Reconstruction Company Limited [ISARC], which is an Asset Reconstruction Company [ARC]. This step would aid in the economic recovery and complement the benefits of far reaching initiatives announced by Government of India in this direction. To provide handholding support to MSME units seeking restructuring, credit counsellors have been placed in 20 MSME cluster locations in partnership with local MSME industry associations. In case the need arises, number of such locations could also be increased.”

The portal has been tested by some of the leading banks for use by their MSME clients. Punjab National Bank and Indian Bank have already agreed to accept restructuring proposals generated by their MSME customers using this module. A Memorandum of Understanding (MoU) to this effect was signed today between SIDBI and Indian Bank in the presence of Smt. Padmaja Chunduru, MD & CEO, Indian Bank.

Though the RBI has extended the scope of ongoing one-time restructuring of MSME advances to support recovery of viable MSME entities undergoing COVID-19 related stress till March 31, 2021, many MSMEs find it difficult to prepare the restructuring proposals on their own and this DIY kit provides them with a handy tool to do this intuitively based upon their understanding of business. The module makes it easier to compare different options of restructuring as well as reduces the turn-around time. ARM-MSME is being offered free of cost as part of SIDBI’s developmental initiatives.


Recent Posts

PM Narendra Modi interacted with Pradhan Mantri Rashtriya Bal Puraskar (PMRBP) awardees

New Delhi: The Prime Minister, Shri Narendra Modi interacted with Pradhan Mantri Rashtriya Bal Puraskar…

1 hour ago

Vi partners with MFine to facilitate easy, app based medical consultation for its users

Mumbai: During this time of social distancing, technology has the power to provide healthcare for…

2 hours ago

Vineet Kumar Singh pays a tribute to the Indian Army as he sings & composes an emotional song ‘Unke Kaaj Na Bhulo Sadho’

Mumbai: As India steps into its 71st year of the constitution coming to force, one…

2 hours ago

President’s Medals to Fire Service, Home Guards (HG) and Civil Defence (CD) personnel on the occasion of Republic Day, 2021

New Delhi: President’s medal for Gallantry and President’s medal for distinguished services as well as…

2 hours ago

13th Instalment of Rs.6,000 crore released to the States to meet the GST compensation shortfall

New Delhi: The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of…

3 hours ago