ENA MSME 2025-05-06 16:25:24 <p><span style="font-size:14px"><strong>Chennai, May 6 (KNN)</strong> In a positive development for small businesses navigating financial transitions, State Bank of India has waived the previously demanded foreclosure charges for M/s. Aar Pee Jee Steel Industries.</span></p> <p><span style="font-size:14px">The Gummidipoondi-based manufacturing unit had been facing a 2 per cent foreclosure fee while attempting to transfer its cash credit facility to ICICI Bank.</span></p> <p><span style="font-size:14px">The resolution came through the intervention of the Federation of Indian Micro and Small &amp; Medium Enterprises (FISME), according to Akshay Gupta, Partner, M/s. Aar Pee Jee Steel Industries.</span></p> <p><span style="font-size:14px"> Thanks to FISMEs intervention, and the support of Mr. Neeraj Kedia and Mr. Archit Tripathi, SBI waived the entire 2% charge, which came as a great relief to me, Gupta stated.</span></p> <p><span style="font-size:14px">FISME has been taking cases of affected MSMEs with respective banks and RBI. </span></p> <p><span style="font-size:14px">This waiver represents a significant financial consideration for the small manufacturing enterprise, as the 2% charge would have been calculated on their sanctioned cash credit limit of Rs. 449 lakhs.</span></p> <p><span style="font-size:14px">The company, which has maintained a 22-year relationship with State Bank of India's Ambattur SME Branch, had described their account history as clean and blemish-free. </span></p> <p><span style="font-size:14px">The successful resolution highlights the importance of industry associations in advocating for small business interests within the banking sector.</span></p> <p><span style="font-size:14px">The manufacturing firm can now complete its transition to ICICI Bank, which had already taken over their bank guarantee facilities and Covid GECL loan under more favourable terms.</span></p> <p><span style="font-size:14px">This case may serve as a precedent for other MSMEs seeking greater flexibility when transferring their banking relationships in pursuit of more competitive financial arrangements.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 41992 https://knnindia.co.in/news/newsdetails/msme/fisme-secures-foreclosure-relief-for-yet-another-msme-in-banking-dispute-with-sbi 2025-05-06 16:25:24 knnindia.co.in