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Indian Bank has entered into an agreement with Small Industries Development Bank of India (SIDBI) to use the latter’s asset restructuring module for MSME borrowers.
MSMEs have been finding it difficult to maintain books of accounts, preparation of financial statements and submission of financial projections for producing the same to banks / FIs for availing credit finance / restructuring their loans based on their estimates and revision in working capital cycle. MSMEs have to approach third parties for this purpose which involves time and cost.
Small Industries Development Bank of India (SIDBI) has come out with Asset Restructuring Module for MSMEs – Do it Yourself (ARM-MSME DIY) – for supporting these MSMEs.
The module enables MSMEs prepare their restructuring proposals / financial viability assessments by themselves and submit to the bank. MSMEs can use this module free of cost. SIDBI is also appointing councillors at select centres to guide the MSMEs in usage of this module.
Indian Bank, on Monday, signed up with SIDBI to help its borrowers use SIDBI’s module. Indian Bank’s branches /zones will also handhold the MSMEs for using this module to submit the restructuring proposals to the Bank.
On its part, Indian Bank has also introduced an online training programme – MSME Prerana – to train the MSMEs in basic accounting, maintenance of books of accounts and government / bank schemes meant for MSMEs.
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