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IBA to soon move application to RBI for setting up Rs 6,000-cr bad bank
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Last Updated: Jul 18, 2021, 12:45 PM IST
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With registration of the company, the process for putting an initial capital of Rs 100 crore is on as per the guidelines, the sources said adding that the next step will be audit and then move application to the RBI seeking licence for the asset reconstruction company.
Agencies
The proposed NARCL would be 51 per cent owned by PSBs and the remaining by private sector lenders.
Having secured licence from the Registrar of Companies, the Indian Banks Association (IBA) will soon move an application to the Reserve Bank of India (RBI) to set up a Rs 6,000-crore National Asset Reconstruction Company Ltd (NARCL) or bad bank, according to sources.