RBI forms panel to review ARCs, mould them to suit financial sector needs
The committee will review existing legal and regulatory framework applicable to ARCs and recommend measures to improve their efficacy, and their role in resolving stressed assets
BusinessToday.In | April 20, 2021 | Updated 00:48 IST
The Reserve Bank of India has formed a committee to review the way asset reconstruction companies (ARCs) function in the financial sector and recommend measures to reform them according to the growing requirements of the financial sector. RBI Governor Shaktikanta Das had announced after the monetary policy committee meeting earlier this month that such a panel was in the work.
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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.
RBI to set up panel to undertake comprehensive review of ARCs
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Last Updated: Apr 07, 2021, 01:11 PM IST
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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.
Agencies
In the latest Budget, Finance Minister Nirmala Sitharaman announced setting up of Asset Reconstruction Company and Asset Management Company to tackle stressed assets.
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.
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RBI to set up panel to undertake review of ARCs.
To facilitate smooth functioning of Asset Reconstruction Companies (ARCs), the Reserve Bank of India (RBI) on Wednesday (April 7) decided to set up a panel to undertake a comprehensive review of the working of such institutions. In the latest Budget, Union Finance Minister Nirmala Sitharaman announced setting up of ARC 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.