To help MSMEs (micro, small and medium enterprises) take benefit of the Reserve Bank of India’s one-time debt restructuring, Small Industries Development Bank of India (SIDBI) has launched a web portal.

Manoj Mittal, SIDBI’s Deputy Managing Director, said,

“We have developed this module in collaboration with our associate, India SME Asset Reconstruction Company (ISARC), which is an asset reconstruction company (ARC).”

SIDBI said that with the help of this Do-It-Yourself (DIY) asset restructuring web module, MSMEs would be able to prepare restructuring proposals by keying in only the most essential data of their past financials, future projections, and restructuring requirement.

Manoj Mittal also said that credit counsellors are placed in 20 MSME cluster locations in partnership with local MSME industry associations, to provide handholding support to MSME units seeking restructuring.

RBI, in August, had announced one-time restructuring for personal and corporate borrowers affected by the disruption caused by COVID-19.

Some of the banks have tested the portal for use by their MSME clients. And as per the release, Punjab National Bank and Indian Bank have already agreed to accept restructuring proposals generated by their MSME customers using this module.

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