RBI to set up panel to undertake comprehensive review of ARCs
The Hindu
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 of India (RBI) on April 7 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.
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