Mumbai: Reserve Bank of India (RBI) Deputy Governor M Rajeswara Rao expressed concern over "tainted" promoters abusing the asset reconstruction companies (ARC) route to enter bankruptcy proceedings and called for reforms in the governance practices of such companies. Called for. Insisted on...
Recently, in a meeting with the CEO, Managing Directors and Executive Directors of ARC in Mumbai, RBI Deputy Governor J. Swaminathan had raised this issue.“ARCs need to be conscious of their conduct towards distressed borrowers. Even a single incident of misconduct can potentially turn into...
Mumbai (Maharashtra) [India], The Reserve Bank of India has expressed concern over the functioning of the Asset Reconstruction Companies (ARCs), as the ARCs are not functioning as per their mandate for reconstruction and recovery of assets. RBI Deputy Governor Swaminathan Janakiraman says ARCs...
Mumbai: Reserve Bank of India Deputy Governor Swaminathan J has expressed concern over rising regulatory violations and warned Asset Reconstruction Companies (ARCs) to ensure compliance without reporting issues to the regulator.Addressing a conference attended by the top management of ARC in...
RBI has sent a clear message to ARC heads that they have to follow the rules in letter and spirit.“During our onsite examinations, we have found instances where ARCs have been used or have allowed themselves to be used as a means to evergreen distressed properties. In many cases, there is a...
Mumbai, The Reserve Bank on Friday held a conference for directors and senior officers of asset reconstruction companies (ARCs), part of the series of supervisory activities it has been conducting with its regulated entities over the past one year.While Deputy Governors M Rajeswara Rao and...
Mumbai (Maharashtra) [India], The Reserve Bank of India (RBI) convened a conference for Directors and MD/CEOs of Asset Reconstruction Company (ARC) in Mumbai today. The theme of the event was 'Governance in ARCs', according to a press release. Was. ‘Towards Effective Resolutions’ was attended by...
Mumbai (Maharashtra) [India], Reserve Bank of India (RBI) has issued a master direction to asset reconstruction companies. Asset Reconstruction Company (ARC) is a financial institution that buys non-performing assets (NPAs) or bad assets from banks. and financial institutions so that the latter...