Shriram Capital seeks RBI nod for Asset Reconstruction Company license
Mumbai: Shriram Capital has applied for an Asset Reconstruction Company (ARC) license from the Reserve Bank of India (RBI), Moneycontrol reported.
Umesh Revankar, Executive Vice Chairman of Shriram Finance Revankar said that Shriram Capital has submitted an application to RBI to start its ARC business.
The upcoming ARC will be a wholly-owned subsidiary of Shriram Capital.
Once the license is obtained, the company will establish a roadmap and set targets. In terms of ARC management, Revankar stated that efforts are being made to build an in-house team.
He expressed confidence in the company's large team size for identifying potential assets.
He noted that team members have already been identified internally for the ARC.
An Asset Reconstruction Company (ARC) is a specialized financial institution that is involved in the acquisition of non-performing assets (NPAs) from banks and financial institutions. These NPAs are typically distressed or bad loans that have not been repaid by borrowers as per the agreed terms. ARCs are established to help banks clean up their balance sheets and recover a portion of the outstanding loans.
ARCs are regulated by the Reserve Bank of India (RBI) in India and are subject to specific guidelines and restrictions to ensure transparency and accountability.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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