Quick Summary
The Government has launched a Bad Bank with all the regulatory approvals in place. This was stated by Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in the Lok Sabha today. The Finance Minister Smt. Nirmala Sitharaman, in her speech on the Budget for the financial year 2021-22, had made the following announcement: The high level of provisioning by public sector banks of their stressed assets calls for measures to clean up the bank books. An Asset R
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
A Bad Bank is an entity set up to manage and dispose of stressed assets, effectively cleaning up the balance sheets of existing financial institutions.
The launch was announced by the Minister of State for Finance, Dr Bhagwat Kisanrao Karad, in a written reply in the Lok Sabha.
The concept was announced by Finance Minister Smt. Nirmala Sitharaman in her Budget speech for the financial year 2021-22.
The entity is called the National Asset Reconstruction Company Limited (NARCL).
NARCL was registered with the Registrar of Companies on 7th July 2021.
Yes, the Reserve Bank of India has prescribed a regulatory framework for the functioning of Asset Reconstruction Companies (ARCs), which includes NARCL.
CAclubindia
