About the Event
The Reserve Bank of India (RBI) announced the formation of a committee to conduct a comprehensive review of the legal and regulatory framework applicable to Asset Reconstruction Companies (ARCs) on 19 April, as announced in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on 7 April this year. The committee will be chaired by Shri Sudarshan Sen, former Executive Director of the Reserve Bank of India. The Committee’s mandate was to investigate the challenges and make recommendations for how the ARCs could better fulfil the financial sector’s expanding demands.
The committee has submitted its report titled, “Report of the Committee to Review the Working of Asset Reconstruction Companies”. In this report, the RBI has given recommendations concerning acquisition and securitisation of financial assets, reconstruction of Financial Assets, legal regulatory framework of ARCs, and other matters of general importance. This Report is being released for comments of stake holders and members of the public.
Submission
The comments by the public have to be submitted via email [email protected] by 15 December, 2021. The RBI will examine all the comments before taking a final view on the report submitted by the committee.
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