Padmakumar Nair Appointed As Chief Executive Officer Of National Asset Reconstruction Company

National Asset Reconstruction Company Ltd (NARCL) will pay up to 15 per cent of the agreed fee for the loans in cash and the closing eighty-five per cent would be government-guaranteed safety receipts.

14 May 2021 Current Affairs:♦ Padmakumar M Nair has been appointed as the CEO of the proposed National Asset Reconstruction Company Ltd. Presently Padmakumar is the Chief General Manager of Stressed Assets Resolution Group at SBI.
♦ National Asset Reconstruction Company Ltd. is a proposed bad financial institution for taking over the harassed property of lenders and was once introduced by means of Finance Minister Nirmala Sitharaman in the price range for 2021-22 to consolidate and take over present confused belongings of lenders and undertake their resolution.
♦ A bad bank refers to a financial group that takes over the awful belongings of lenders and undertakes resolution.
♦ National Asset Reconstruction Company Ltd (NARCL) will pay up to 15 per cent of the agreed fee for the loans in cash and the closing eighty-five per cent would be government-guaranteed safety receipts.

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