The Indian Banks’ Association (IBA) has constituted a

Solution

The Indian Banks’ Association (IBA) has constituted a five-member working group for implementing the recommendations of the Reserve Bank of India’s committee on the working of the Asset Reconstruction Companies (ARCs). The Group comprises Ajit Kumar, MD and CEO, Secondary Loan Market Association (SLMA), Hari Hara Mishra, CEO Association of ARCs in India; Mythili Balasubramanian, Executive Director, Edelweiss ARC; and senior officials from State Bank of India (Dharmendra Pali) and ICICI Bank (Anupama Ranade). The central bank wants IBA and SLMA to take appropriate measures for early implementation of the committee’s recommendations in consultation with the lenders and ARCs.