Former State Bank of India executive Natarajan Sundar joined National Assets Reconstruction Company Ltd (NARCL) as Managing Director and CEO on May 30. Sundar is a banking veteran having served SBI for over 37 years and retired as Dy MD and Chief Credit Officer of the bank. He was selected through a competitive selection process through an open advertisement and was interviewed in April 2022, by a selection panel consisting of senior bankers from both the Public and Private sectors.
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NARCL appointed Mr Karnam Sekar as the Independent Director and Non-Executive Chairman of the Board. Sekar was the MD and CEO of Indian Overseas Bank from July 2019 to June 2020. Earlier he was MD and CEO of Dena Bank from Sep 2018 until its merger in April 2019.
NARCL, a special purpose vehicle set up as a joint initiative of Public and Private Sector Banks, is expected to take over bad loans from banks and focus on resolution and recoveries.
NARCL has shareholding from 15 Indian Banks and Canara Bank is the sponsor bank of this ARC. Together with IDRCL, they are presently engaged in completing the financial and legal due diligence of the identified accounts for takeover from lenders. NARCL is expected to make binding financial offers for a few accounts very shortly.
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