The government has set up an asset management company (AMC) named India Debt Resolution Company Ltd (IDRCL) with a paid-up capital of Rs. 80.5 lakh on an authorized capital of Rs 50 crore. IDRCL will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up bad loans.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Bank of Baroda (BoB), Punjab National Bank (PNB), Bank of India (BoI), Bank of Maharashtra, SBI, Union Bank of India, Canara Bank, Indian Bank and IDBI Bank are the shareholders of IDRCL.
About the IDRCL:
IDRCL is a service company/operational entity which will manage the asset and engage market professionals and turnaround experts. Public Sector Banks (PSBs) and Public FIs will hold a maximum of 49% stake while the remaining stake will be with private sector lenders. It must be noted that last week, the government had cleared a guarantee of Rs. 30,600 crore for security receipts issued by NARCL.
The India vs Pakistan clash in the ICC T20 World Cup is one of the…
The Reserve Bank of India (RBI) has issued draft guidelines allowing banks to lend to…
Vast Space, a privately-held American aerospace company, has signed an order with NASA for its…
The Reserve Bank of India (RBI) has revised its draft guidelines on acquisition financing, allowing…
Veteran Kannada filmmaker Joe Simon passed away on Friday after suffering a sudden cardiac arrest…
India–Pakistan matches in the T20 World Cup are always high-pressure contests, and several Indian batters…