RBI sets up committee to review ARC norms

New Delhi, Apr 20 (KNN) The Reserve Bank of India (RBI) set up a committee to undertake a comprehensive review of the working of asset reconstruction companies (ARCs) in the financial sector ecosystem and recommend suitable measures for enabling such entities to meet the growing requirements.

The six-member committee will be headed by Sudarshan Sen, former executive director, RBI.

The committee will review the legal and regulatory framework of ARCs and recommend measures to improve their efficacy and also their role in resolution of stressed assets including under Insolvency & Bankruptcy Code (IBC).

Other members of the committee are ICICI executive director Vishakha Mulye, former SBI DMD PN Prasad, EY partner Abizer Diwanji, MDI professor of economics Rohit Prasad and chartered accountant R Anand.

''The committee has to submit its report within three months from the date of its first meeting,'' the apex bank said a statement on Monday.