As per SBI Chairman Dinesh Kumar Khara, National Asset Reconstruction Company Ltd (NARCL) or bad bank and IndiaDebt Resolution Company Ltd (IDRCL) are ready to commence operations. A total of 38 Non-Performing Asset (NPA) accounts worth Rs 82,845 crore have been identified to be transferred to NARCL initially.
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In Phase I, 15 stressed assets (i.e. Non-Performing Asset accounts) worth Rs 50,000 crore will be transferred to NARCL in the current financial year. Public Sector Banks have taken a majority stake in NARCL, IDRCL will be majorly owned by private sector banks.