Question
Which of the following Statements about the NARCL is/are True? I- Ministry of Corporate Affairs (MC
- A has incorporated the 'National Asset Reconstruction Company (NARC
- L ' with an authorised capital of INR 100 crore. II- Canara Bank would be the sponsor of NARCL. III- Padmakumar Madhavan Nair, a stressed assets expert from SBI will serve as the Managing Director of NARCL.
Solution
The Ministry of Corporate Affairs (MCA) has incorporated the 'National Asset Reconstruction Company (NARCL)' with an authorised capital of INR 100 crore and paid-up capital of INR 74.6 crore. It has been created in collaboration with both Public and Private Sector Banks, and Indian Banks' Association (IBA). Padmakumar Madhavan Nair, a stressed assets expert from SBI will serve as the Managing Director of NARCL. NARCL will house bad loan accounts of INR 500 crore or more. It will pay up to 15% of the agreed value for the loans in cash and the remaining 85% would be Government-guaranteed security receipts. Canara Bank would be the sponsor of NARCL and will hold a 12% equity, other large public sector banks will hold less than 10% each in NARCL.
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