IBA moves RBI, seeks licence to set up ₹6,000 crore NARCL
The Hindu
The approval from the RBI could come either in September or October
The Indian Banks' Association (IBA) has moved an application to the Reserve Bank of India (RBI) seeking licence to set up a ₹6,000 crore National Asset Reconstruction Company Ltd (NARCL) or bad bank, according to sources. NARCL was incorporated last month in Mumbai following the registration with Registrar of Companies (RoC). According to sources, the company, after mobilising an initial capital of ₹100 crore and fulfilling other legal formalities, has approached the RBI seeking licence to undertake asset reconstruction business.
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