National Assets Reconstruction Company Ltd (NARCL), the special purpose vehicle set up as a joint initiative of Public and Private Sector Banks, has on boarded Mr. Natarajan Sundar as their MD CEO on 30th May 2022. Mr. Sundar is a banking veteran having served SBI for over 37 years and retired on 30th April 2022, as Dy. MD and Chief Credit Officer of the Bank. He has rich experience in Corporate Banking-Policies and Products and had a fairly long stint in SBI’s mid and Large Corporate Group as well as Project Finance. He was selected through a competitive selection process through an open advertisement and was interviewed in April 2022, by a selection panel consisting of senior bankers from both Public and Private Sector. After his name was recommended for the position by NARCL Board, the fit and proper approval was granted by the Sectoral Regulator, RBI on 24th May 2022. The previous incumbent, Mr. Padmakumar Nair, who was on a secondment basis from SBI has since been repatriated to the parent bank.
In the previous week, after receipt of Regulatory approvals, NARCL appointed Mr. Karnam Sekar as the Independent Director and Non-Executive Chairman of the Board. Mr. Sekar was the MD CEO of Indian Overseas Bank from July 2019 to June 2020. Earlier he was MD CEO of Dena Bank from Sep 2018 until its merger in April 2019. In his career spanning over 40 years, Mr. Sekar served in SBI for over three decades and at the time of moving over to Dena Bank, he was Dy. MD and Chief Credit Officer of SBI.
Ms. Malvika Sinha, retired ED of RBI also joined the Board as an independent director last week. Ms. Sinha is a career central banker, having joined RBI in 1982 and served across Regulation, Supervision, Foreign exchange and Government and Bank Accounts in RBI.
Apart from the above, NARCL Board now has 5 nominee directors from shareholder banks and one more independent director is expected to join the Board shortly. With this the Board will have its full complement of 9 directors.
NARCL has shareholding from 15 Indian Banks and Canara Bank is the sponsor bank of this ARC. Together with IDRCL, they are presently engaged in completing the financial and legal due diligence of the identified accounts for take over from lenders, and are expected to make binding financial offers for a few accounts very shortly.
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