Yes Bank on Saturday stated it’s on monitor to arrange its asset reconstruction firm (ARC) and is looking out for companions. “The method to type the ARC and full the switch of legacy harassed property is on monitor and we anticipate to finish this by the tip of the present quarter,” Sure Financial institution chief govt Prashant Kumar stated.
He added that the best way during which Sure Financial institution is shifting forward is consistent with regulatory necessities. Within the meantime, the financial institution doesn’t intend to promote any of its dangerous property to different ARCs.
“We are attempting to have a associate to type an ARC the place the harassed pool of the financial institution might be transferred in a clear method,” Kumar stated. Final yr, the financial institution’s proposal to arrange an ARC had been turned down by the Reserve Financial institution of India (RBI) within the type during which it was initially envisaged.