Bank of Baroda has signed a memorandum of understanding with Small Industries Development Bank of India to facilitate digital submission of loan restructuring proposals for MSMEs
Public lender, Bank of Baroda has tied up with Small Industries Development Bank of India (SIDBI) to create a do-it-yourself portal for MSMEs where they can apply for one-time restructuring.
This portal is applicable for companies under financial stress with credit exposure up to Rs 25 crores.
The web-based platform is called ‘Asset Restructuring Module for MSMEs (ARM-MSME)’
The bank said in a press statement, “ARM-MSME is an automated / Do-It-Yourself (DIY) web-portal for MSMEs to self-create their restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options. 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. The borrowers can also modify the online application or re-submit a new online application, as per their convenience. This initiative is the first of its kind to help MSMEs to prepare their restructuring proposals by keying in only the most essential data of their past and projected financials.”
Dr. Ram Jass Yadav, Chief General Manager – MSME & Retail Business, Bank of Baroda, said, “As a bank, we are continuously working towards digitization and consumer friendly processes. This has led to our partnership with SIDBI for a platform like ARM-MSME, which will provide time saving convenient solution to MSMEs, at no additional cost. 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.”
Bank of Baroda signs MOU with SIDBI to facilitate digital submission of loans for MSME
Bank of Baroda has signed a memorandum of understanding with Small Industries Development Bank of India to facilitate digital submission of loan restructuring proposals for MSMEs
Public lender, Bank of Baroda has tied up with Small Industries Development Bank of India (SIDBI) to create a do-it-yourself portal for MSMEs where they can apply for one-time restructuring.
This portal is applicable for companies under financial stress with credit exposure up to Rs 25 crores.
The web-based platform is called ‘Asset Restructuring Module for MSMEs (ARM-MSME)’
The bank said in a press statement, “ARM-MSME is an automated / Do-It-Yourself (DIY) web-portal for MSMEs to self-create their restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options. 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. The borrowers can also modify the online application or re-submit a new online application, as per their convenience. This initiative is the first of its kind to help MSMEs to prepare their restructuring proposals by keying in only the most essential data of their past and projected financials.”
Dr. Ram Jass Yadav, Chief General Manager – MSME & Retail Business, Bank of Baroda, said, “As a bank, we are continuously working towards digitization and consumer friendly processes. This has led to our partnership with SIDBI for a platform like ARM-MSME, which will provide time saving convenient solution to MSMEs, at no additional cost. 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.”
