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Padmakumar M Nair Appointed As CEO Of National Asset Reconstruction Company

Sumit Arora Last updated on January 3rd, 2022 07:36 pm Leave a comment

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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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.