Syndicate Bank to restructure MSME loans

Bengaluru: Syndicate Bank said on Tuesday it is providing a breather to all of its Micro, Small and Medium Enterprises (MSME) customers by extending the facility for restructuring of the loan.

This will provide them a flexible repayment option and prevent their accounts from being classified as Non-Performing Assets (NPAs), it said in a statement.

Restructuring of loan is a facility given to customers to reschedule the repayment structure of their loan accounts, it was noted.

The provision is given to those customers whose units are under stress due to various internal or external reasons, thereby helping them to stabilise their business over time.

The Bank's MD & CEO, Mrutyunjay Mahapatra, said MSMEs contribute significantly to the country's economic growth. "We understand they are facing some difficult times these days due to various unforeseen reasons.

As a segment, MSME has always been a focus for Syndicate Bank as they add prominently to the diversified portfolio of the bank.

With this loan restructuring facility, we are hoping to provide them the needed support that will enable them to prosper and grow better," he said.