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PADMAKUMAR NAIR APPOINTED AS CEO OF NATIONAL ASSET RECONSTRUCTION COMPANY

PADMAKUMAR NAIR APPOINTED AS CEO OF NATIONAL ASSET RECONSTRUCTION COMPANY

Context

Padmakumar M Nair has been appointed as the CEO of the proposed National Asset Reconstruction Company Ltd.

Details

He presently holds the post of Chief General Manager of Stressed Assets Resolution Group at the State Bank of India (SBI).

About National Asset Reconstruction Company Ltd (NARCL)

  • National Asset Reconstruction Company Ltd is a partnership of public and private sector banks.
  • It was announced by Finance Minister Nirmala Sitharaman in the budget for 2021-22
  • It will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts.
  • It will manage and dispose of the assets to alternate investment funds and other potential investors for eventual value realisation.

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