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Who is the new MD and CEO of National Asset Reconstruction Company (NARCL) in June 2022?
A)
Rajnish Kumar
B)
Chitra Ramkrishna
C)
Arundhati Bhattacharya
D)
Natarajan Sundar

Correct Answer :   Natarajan Sundar


Former State Bank of India (SBI) executive Natarajan Sundar has been appointed MD & CEO of the National Asset Reconstruction Company (NARCL) with effect from May 30th. Another former SBI employee, Karnam Sekar, who also headed Indian Overseas Bank(IOB) till June 30, 2020, has been appointed non-executive chairman of the bad bank. Sundar retired on April 30th as deputy managing director and chief credit officer at the bank, after having worked there for over 37 years.
 
“After his name was recommended for the position by NARCL board, the fit and proper approval was granted by the sectoral regulator, RBI on May 24, 2022. The previous incumbent, Mr. Padmakumar Nair, who was on a secondment basis from SBI has since been repatriated to the parent bank,” SBI said in a statement on Tuesday.
 
Malvika Sinha, who retired as executive director of the Reserve Bank of India (RBI), also joined the NARCL board as an independent director last week. In addition to the three new appointees, the board has five nominee directors from shareholder banks and another independent director is expected to join the board shortly. “With this the Board will have its full complement of 9 directors,” SBI said..

NARCL :
* Incorporated under the Companies Act.
* Applied to RBI for a license as an Asset Reconstruction Company (ARC).
* Public Sector Banks will maintain 51% ownership in NARCL.

Source : Financial Express

Published On : June 1, 2022
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