All pending MSME loans to be restructured by March 15: FM

Total 5.53 lakh MSME accounts have been identified and out of which 5.28 lakh entities have been restructured and the process will be done by March 15, said Nirmala Sitharaman.

Nirmala Sitharaman said a total 5.53 lakh MSME accounts have been identified and out of which 5.28 lakh entities have been restructured. Photo:Reuters

Finance Minister Nirmala Sitharaman said a total 5.53 lakh MSME accounts have been identified and out of which 5.28 lakh entities have been restructured and the process will be done by March 15.

"So far, a total of 5.53 lakh MSME accounts have been identified and out of which 5.28 lakh entities have been restructured... By March 15, every MSME request must be cleared. Banks have given us information on how many MSMEs restructured reached out, their loans and everything. Few MSMEs that are pending before them, we have requested them to clean out all by March 15," the FM said at the heads of meeting with PSU banks.

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Recently, the Reserve Bank of India had extended the restructuring deadline for stressed MSME accounts. The restructuring scheme is applicable for MSMEs up to Rs 25 crore.

Sitharaman, who released the Enhanced Access & Service Excellence-3.0 (EASE-3.0 Agenda) and EASE 2.0 Annual Report, also said that "as soon as the parliament session is over, I have requested the banks to make arrangements and go to one district and the particular branches in that district on a particular day. That one day all the staff will come over after the banking hours to address the grievance of the bank... what additional support is required to get the momentum going".

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Finance Minister Nirmala Sitharaman MSME