ARCs must have minimum net corpus (भौतिक अस्तित्व) of Rs 100 crore by 2019, says RBI
The Reserve Bank of India, in a notification, has said that all the current, Asset Reconstruction (पुनर्निर्माण) Companies (ARCs), must have a minimum net-owned corpus of Rs 100 crore by March 2019. "It has been decided to fix the minimum NOF requirement for ARCs at Rs 100 crore on an ongoing basis," said the RBI in its notification.
A greater role for ARCs in resolving stressed assets has been envisaged(परिकल्पित) by the government as well as by the RBI.
The RBI notification issued on Friday, said that the current ARCs not meeting the minimum Net Owned Fund (NOF) criteria(मानदंड), have been asked by RBI to try and achieve the minimum NOF of Rs 100 crore latest by March 31, 2019.
RBI had proposed to stipulate (नियत करना) a minimum NOF of Rs 100 crore for ARCs, in view of their enhanced role and greater cash based transactions, in its previous bi-monthly monetary policy.