The Reserve Bank of India has allowed Asset Reconstruction Companies (ARCs) to buy financial assets from other ARCs. The transactions must be settled in cash between the 2 enitities.
In view of amendment to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, it has been decided to permit ARCs to acquire financial assets from other ARCs.
Static/Current Takeaways Important For RRB NTPC/IBPS RRB Mains:
- RBI 25th Governor: Shaktikant Das, Headquarters: Mumbai
- Founded: 1 April 1935, Kolkata.
Source: The Hindu