SIDBI expands its web-based asset restructuring module for MSME customers of Bank of Baroda

After adding customers of Indian Bank and Central Bank of India, MSME-focused Small Industries Development Bank of India (SIDBI) has expanded its web-based asset restructuring module for MSME customers of Bank of Baroda too.

The asset restructuring module for MSMEs (ARM-MSME) is an automated portal for businesses to self-create their loan restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options

A memorandum of understanding was recently signed by SIDBI and Bank of Baroda to this effect.

“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,” Bank of Baroda said in a statement.

The platform 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,” said Dr. Ram Jass Yadav, Chief General Manager – MSME & Retail Business, Bank of Baroda.

The MSME borrowers of a particular bank can e-submit the application without any charge and can also modify the online application or re-submit a new online application.