The Reserve Bank of India (RBI) on Monday set up a committee to undertake a comprehensive review of the working of asset reconstruction companies (ARCs) in the financial sector ecosystem and recommend suitable measures for enabling them to meet the growing requirements. The six-member committee will be headed by Sudarshan Sen, former Executive Director, Reserve Bank of India. The other members are ICICI Bank ED Vishaka Mulye, SBI deputy MD R N Prasad, EY partner Abizer Diwanji, MDI economics professor Rohit Prasad and CA R Anand. The panel will submit their report within three months of their first meeting.
Earlier this month, the Reserve Bank had announced setting up of a committee to undertake a comprehensive review of the working of ARCs. As per the terms of reference of the committee, the panel will review the existing legal and regulatory framework applicable to ARCs and recommend measures to improve efficacy of ARCs. It will also review role of ARCs in resolution of stressed assets including under the Insolvency and Bankruptcy Code (IBC), and give suggestions for improving liquidity in and trading of security receipts.
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