The Reserve Bank of India (RBI) has constituted a six-member panel to carry out a comprehensive review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem. The panel will be headed by former Executive Director of RBI, Sudarshan Sen.
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Other members of the panel include:
- Vishakha Mulye – Executive Director, ICICI Bank;
- P N Prasad – former Dy. Managing Director, SBI;
- Rohit Prasad – Professor of Economics, MDI, Gurgaon;
- Abizer Diwanji – Partner, Ernst & Young;
- R Anand – Chartered Accountant
Terms of reference for the panel:
- Review existing legal and regulatory framework applicable to ARCs
- Recommend measures to improve the efficacy of ARCs.
- Review business models of ARCs.
- Study role of ARCs in the resolution of stressed assets including under Insolvency & Bankruptcy Code (IBC), 2016.
- Suggest ways for improving liquidity in and trading of security receipts.
- Recommend suitable measures for enabling ARCs to meet the growing requirements of the financial sector.
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