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Rehabilitation for sick MSMEs

News and Press Release - Dated:- 28-4-2016 - In order to provide a simpler and faster mechanism to address the stress in the accounts of MSMEs and to facilitate the promotion and development of MSMEs, the Ministry of Micro, Small and Medium Enterprises, in exercise of the powers conferred in section 9 of the Micro, Small and Medium Enterprises Development Act, 2006, had issued a Gazette Notification dated May 29, 2015 for Framework for Revival and Rehabilitation of Micro, Small and Medium Enterp .....

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cable to MSMEs having loan limits up to ₹ 25 crore, including accounts under consortium or multiple banking arrangements (MBA). The guidelines provided for identification incipient stress in the account creating three sub categories under the Special Mention Account (SMP) category. On the basis of early warning signals, based on principal or interest payment overdue, the branch maintaining the account should consider forwarding the stressed accounts with aggregate loan limits above ₹ .....

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composition of the committee, the terms of appointment of its members, manner of filling vacancies and the procedure to be followed in the discharge of the committee s functions. All eligible stressed MSMEs shall have access to the committee for resolving the stress in these accounts in accordance with the regulations prescribed in this framework. The RBI has asked the banks that the Board approved policy to operationalise the Framework may be put in place by the banks not later than June 30, 2 .....

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