Chennai, May 6 -- 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.

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.

The resolution came through the intervention of the Federation of Indian Micro and Small & Medium Enterprises (FISME), according to Akshay Gupta, Partner, M/s. Aar Pee Jee Steel Industries.

"Thanks to FISME's 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.

FISME ...