Padmakumar M Nair Appointed As CEO Of National Asset Reconstruction Company

Padmakumar M Nair has been appointed as the CEO of the proposed National Asset Reconstruction Company Ltd. Presently Padmakumar is the Chief General Manager of Stressed Assets Resolution Group at SBI.

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About the National Asset Reconstruction Company Ltd

• National Asset Reconstruction Company Ltd. is a proposed bad bank for taking over stressed assets of lenders and was announced by Finance Minister Nirmala Sitharaman in the budget for 2021-22 to consolidate and take over existing stressed assets of lenders and undertake their resolution.
• Bad bank refers to a financial institution that takes over the bad assets of lenders and undertakes resolution.
• National Asset Reconstruction Company Ltd (NARCL) 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.

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