The Reserve Bank of India has formed a six-member panel headed by Sudarshan Sen, former Executive Director, to carry out comprehensive review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem. The panel will recommend suitable measures for enabling such entities to meet the growing requirements of the financial sector. RBI in a statement said besides Sen other members of panel are Vishakha Mulye, Executive Director, ICICI Bank; P N Prasad, former Dy. Managing Director, SBI; Rohit Prasad, Professor of Economics, MDI, Gurgaon; Abizer Diwanji, Partner, Ernst & Young; and R Anand, Chartered Accountant. The Committee will submit its report within three months from the date of its first meeting. RBI governor Shaktikanta Das had articulated intent to form the panel while announcing monetary policy for 2021-22.
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April 19, 2021
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The Reserve Bank of India (RBI) has set up a six-member committee to undertake a comprehensive review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem, and recommend suitable measures for enabling such entities to meet the growing requirements of the financial sector.
The committee, headed by Sudarshan Sen, former Executive Director, RBI, will review existing legal and regulatory framework applicable to ARCs and recommend measures to improve efficacy of ARCs.
It will review the role of ARCs in resolution of stressed assets, including under Insolvency & Bankruptcy Code (IBC), 2016.
To make suggestions
The committee will make suggestions for improving liquidity in and trading of security receipts; and review of business models of the ARCs. It will submit its report within three months from the date of its first meeting.
RBI sets up committee to review working of ARCs
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Panel to submit report in 3 months
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The six-member committee will be headed by Sudarshan Sen, former executive director, Reserve Bank of India (RBI). File Photo.
Panel to submit report in 3 months The RBI on Monday set up a committee to undertake a comprehensive review of the working of asset reconstruction companies (ARCs) in the financial sector ecosystem and recommend suitable measures for enabling them to meet the growing requirements. The six-member committee will be headed by Sudarshan Sen, former executive director, Reserve Bank of India (RBI).
RBI to set up panel for reviewing ARCs: Shaktikanta Das
It is proposed to constitute a committee to undertake a comprehensive review of the working of ARCs in the financial sector ecosystem, RBI Governor Shaktikanta Das said
PTI | April 7, 2021 | Updated 14:17 IST
RBI Governor Shaktikanta Das
To facilitate smooth functioning of Asset Reconstruction Companies (ARCs), the Reserve Bank on Wednesday decided to set up a panel to undertake a comprehensive review of the working of such institutions. In the latest Budget, Finance Minister Nirmala Sitharaman announced setting up of Asset Reconstruction Company and Asset Management Company to tackle stressed assets.
After enactment of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act in 2002, regulatory guidelines for ARCs were issued in 2003 to enable development of this sector and to facilitate smooth functioning of these companies.