BoB inks MoU with SIDBI to help MSMEs apply online for one-time restructuring

Mumbai, Jan 7 (KNN) 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.

Reportedly, with the new agreement in place, the MSME customers of the public sector bank can now access the web-based portal, ‘Asset Restructuring Module for MSMEs (ARM-MSME)'.

Through this automated / Do-It-Yourself (DIY) web-portal, MSMEs can self-create their restructuring proposal with financial viability projections and relief options.

Bank of Baroda said that existing MSME borrowers can now avail the online facility of submitting their application for the restructuring of loan accounts from the comfort of their home/office for free of cost.

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 Rs 25 crore.