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.
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.