CURRENT AFFAIRS
CURRENT AFFAIRS
Description
P Santhosh, Chief General Manager at Canara Bank, has been named as Managing Director of National Asset Reconstruction Company (NARCL) with effect from January 5, following Natarajan Sundar, who resigned from the position. The abrupt leadership move at the government-sponsored asset rebuilding group has raised concerns in the industry.
Top Management Resignations
Natarajan Sundar, a seasoned banking veteran who formerly served as Deputy Managing Director at State Bank of India, is the second high-ranking executive to leave NARCL before the end of his term. Karnam Sekar, the then-Chairman of NARCL, also stepped down in August without giving a reason, leaving the organization in limbo.
Sundar took over as Managing Director on May 30, 2022, for a two-year term, similar to his predecessor, Karnam Sekar. Both resignations occurred before the two-year period was up, raising concerns about NARCL's stability and management structure.
Previous Leadership Changes And The Merger Proposal
Karnam Sekar's surprising departure was tied to a proposal to merge NARCL with India Debt Resolution Company (IDRCL), a business that functions as a resolution agent. This plan, sponsored by Diwakar Gupta, previous CEO of IDRCL, triggered Sekar's resignation. Gupta was appointed Chairman of NARCL in November, and Narayan Sheshadri was appointed Vice Chairman.
The proposed merger aimed to streamline the activities of both the public sector NARCL and the private sector IDRCL, with the former serving as the primary asset reconstruction firm and the latter as a resolution agency. However, the unexpected leadership changes have thrown the proposed merger into doubt.
Future Leadership Transition
NARCL is anticipated to invite individuals to apply for the vacant position soon after P Santhosh takes over as Managing Director. Santhosh, who joined NARCL on deputation from Canara Bank, would be critical in guiding the asset reconstruction firm through its mandate of purchasing bad loans and aiding their resolution.
Overview Of The Financial Situation
Ten public sector banks had transferred Rs 11,617 crore in bad loans to NARCL as of November. The recovery numbers, however, show a paltry value of Rs 16.64 crore as of November 30, 2023. These financial measures highlight the obstacles that NARCL faces in its objective to relieve the banking sector's burden of bad loans.
Welcome to Notopedia.com, your free learning platform that caters to the diverse needs of students and aspirants across a spectrum of entrance exams and educational endeavors. Whether you're preparing for highly anticipated exams like CAT 2023, NEET 2023, JEE Main, or bank job vacancies, our platform offers a wealth of resources to guide you towards success. Stay up-to-date with the latest exam dates, announcements, and results for various government recruitment exams, including SSC CGL, CHSL, NDA, and UPSC. Explore comprehensive study materials, sample papers, and exam patterns to hone your skills and boost your confidence. From important dates like CBSE Class 10 and 12 date sheets to exam-specific information like JEE Main 2023 application form date, we cover it all. Notopedia.com is your go-to source for everything from admissions and admit cards to scholarships and college information. Whether you're aiming for a career in defense, government, banking, or higher education, our free learning platform equips you with the knowledge and resources you need to excel. Join us in your educational journey and unlock a world of opportunities, guidance, and comprehensive support.
For more Updates and Information - Visit Notopedia's Bulletin Board
For Latest Sarkari Jobs - Visit Notopedia's Sarkari Jobs Section
For access to more than 20,000 Colleges - Visit Notopedia's College Section
For School Studies and Exams Preparation across 14 Boards - Visit Notopedia's School Section
For Comprehensive Preparation of Sarkari Job Exams - Visit Notopedia's Sarkari Exams Section
