Nirmala Sitharaman reviews NARCL progress
Finance Minister Nirmala Sitharaman reviewed the progress of setting up the National Asset Reconstruction Company Limited (NARCL).
With the completion of account-wise due diligence, the first set of accounts is expected to be transferred in July 2022.
The balance accounts are proposed to be taken up within the third quarter of the current financial year.
About National Asset Reconstruction Company Limited (NARCL)
It is a part of a new Bad bank structure that was announced in the Budget 2021.
It has been incorporated under the Companies Act.
In this, it is proposed to acquire stressed assets of about Rs 2 lakh crore in phases under the existing rules of RBI.
It intends to acquire stressed assets through 15% Cash and 85% in Security Receipts (SRs).
PSBs will maintain 51% ownership in NARCL.
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