RBI names six member committee to review ARC norms

Economy


Reserve Bank of India (RBI) has named a six member committee under the chairmanship of Sudarshan Sen former RBI executive director to review regulations on asset reconstruction companies (ARCs).

The committee will review legal and regulatory framework of ARCs and recommend measures to improve their efficacy and also their role in resolution of stressed assets including under Insolvency & Bankruptcy Code (IBC).

Other members of the committee are

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executive director Vishakha Mulye, former SBI DMD PN Prasad, EY partner Abizer Diwanji, MDI professor of economics Rohit Prasad and chartered accountant R Anand.

The committee has to submit its report within three months from the date of its first meeting. RBI had announced a review of ARC regulations in its April monetary policy review.



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