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

In its zest to support MSME enterprises through a web-based platform called ‘Asset Restructuring Module for MSMEs (ARM-MSME)’ for submission of their loan restructuring proposal, Bank of Baroda (BoB) has signed a memorandum of understanding with Small Industries Development Bank of India (SIDBI).

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)'.

BoB has informed 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 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.