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This is an archive article published on June 29, 2018

Panel to weigh ARC has completed 99 per cent of work: SBI Chairman Rajnish Kumar

Speaking on the sidelines of the bank’s 63rd annual general meeting (AGM), Kumar said, “Ninety nine per cent of the work is over; some finishing touches and then it will be presented to the finance ministry."

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SBI Chairman Rajnish Kumar. (Photo: Nirmal Harindran/File)

The Sunil Mehta committee, tasked with finding the feasibility and contours of setting up an asset reconstruction company (ARC), has completed 99 per cent of the work, SBI Chairman Rajnish Kumar said on Thursday.

Speaking on the sidelines of the bank’s 63rd annual general meeting (AGM), Kumar said, “Ninety nine per cent of the work is over; some finishing touches and then it will be presented to the finance ministry. So, we will just advise you once the timings are confirmed, when is the finance minister available and it can be presented.”

The government is considering setting up an ARC for resolution of stressed assets in the banking sector, Finance Minister Piyush Goyal had recently said.— FE

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