Govt sets up asset management company for bad bank
The Govt of India has set up the India Debt Resolution Company Ltd (IDRCL), an asset management company (AMC). the IDRCL will play a role in cleaning up bad loans the National Asset Reconstruction Company Ltd (NARCL).
- Govt has appointed Arvind Sadashiv Mokashi as State Bank of India’s (SBI’s) nominee director.
- The other directors will be Narayan Keelveedhi Seshadri and Anilraj Chellan.
- It will undertake all kinds of debt management, operational management, resolution advisory, support and consultancy services in relation to debt resolution, and insolvency resolution.
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