Focused On Resolution

The Hon’ble Finance Minister, in the Union Budget 2021 announced the formation of an ARC-AMC structure, comprising of two entities viz. National Asset Reconstruction Company Limited (NARCL), and India Debt Resolution Company Limited (IDRCL) for aggregation and resolution of Non-Performing Assets (NPAs) in the Banking Industry.

NARCL a government entity, has been incorporated on 7th July 2021 with majority stake held by Public Sector Banks and balance by private banks with Canara Bank being the sponsor bank. It is registered with the Reserve Bank of India as an Asset Reconstruction Company under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

  • Redemption of SRs (Security Receipt) is supported by Govt Guarantee
  • Major stake holders are public sector Banks

Board of Directors

Shri Karnam Sekar

Independent Director

Shri Karnam Sekar is Chairman and Independent Director on the board of NARCL. He is a professional banker with rich experience in all the facets of Indian Banking at a senior level. He joined as a Probationary Officer with State Bank of India in 1983 and rose to the level of Deputy Managing Director and later, he was appointed as the MD of Dena Bank (2018-19) and Indian Overseas Bank (2019-20). Apart from NARCL, Mr. Sekar is also on the board of two new age NBFCs viz., Incred Financial Services Limited (since Dec’21) and UGRO Capital Limited (since Feb’22).

Shri Natarajan Sundar


Shri Natarajan Sundar is the Managing Director & Chief Executive Officer (MD & CEO) of NARCL. Mr. Sundar is a veteran banker and had an extensive experience at State Bank of India (SBI). During his stint at SBI, Mr. Sundar held the position of Deputy Managing Director (DMD) and was working as Chief Credit Officer for the Bank. Prior to taking the responsibilities of DMD, Mr. Sundar was the Chief General Manager (CGM) in Credit Review Department (June 2018 to June 2020) and Project Finance SBU (June 2016 to June 2018). He carries over three decades of experience in banking sector spanning across Corporate & Wholesale Banking, Corporate Credit, International Banking, Project Finance, etc.

Shri Ajit Nair

Nominee Director

Shri Ajit Nair is a Nominee Director representing Canara Bank on the board of NARCL. Mr. Nair is the Head of Canara Bank’s Stressed Assets Vertical at its HO in Bengaluru. Prior to this he was head of Canara Bank’s Circle Office at Trivandrum, and earlier he was Head of Legal department at Canara Bank. Mr. Nair is a seasoned banker and joined Canara Bank as a Law Officer in 1994 and have handled various assignments pertaining to SARFAESI, Securitisation, Sale to ARCs, Allied Recovery & Legal Aspects at Canara Bank. He was one of the representatives from PSU Banks to the IBA standing committee on Legal & Banking Operations during the year 2018-19.

Shri Subrata Biswas

Nominee Director

Shri Subrata Biswas is the Nominee Director representing State Bank of India on the board of NARCL. Mr. Biswas is Deputy Managing Director at SBI's Stressed Assets Resolution Group in Corporate office, Mumbai. Mr. Biswas has over three decades of experience in banking sector and has successfully discharged various assignments in the Banks both in the areas of Credit and Risk Management. He has been instrumental in dynamically guiding and formulating policies in Risk management and has played a major part in the successful resolution of potentially volatile and risky assets.

Shri Jetha Nand Chopra

Nominee Director

Shri Jetha Nand Chopra is a Nominee Director representing Bank of Baroda on the board of NARCL. Mr. Chopra is heading the Stressed Asset Management portfolio of the Bank in the capacity of Chief General Manager. He is a veteran in banking industry and has over 37 years of experience, with successfully managing different verticals at Bank. He has served in Rural/Semi-urban Branches as Branch Head. Mr. Chopra has been in-charge of Recovery Department during his many postings and was on deputation to Central Vigilance Commission for two and half years. Mr. Chopra has also won recognition from the Sub-committee of Board of BOB for NPA Recovery in October 2018 for excellence in performance.

Shri Rakesh K. Singh

Nominee Director

Shri Rakesh K. Singh is the Group Head - Investment Banking, Private Banking, Marketing and Products at HDFC Bank Ltd. He has been instrumental in setting up the Investment Banking and Project Finance business for HDFC Bank. Mr. Singh has over 28 years of experience in managing Client Relationships, Debt and Equity Capital Markets, Structured Finance, Leveraged Finance, Debt Restructuring, and managing Proprietary Investments. Prior to joining HDFC Bank, he worked with Rothschild, Morgan Stanley, DSP Merrill Lynch, Standard Chartered Bank and ANZ Investment Bank. He also serves as a Trustee on the Board of Society for Nutrition, Education and Health Action (SNEHA) and is a Member of the Steering Committee of Climate Finance Leadership Initiative (CFLI) India. Mr. Singh is an MBA from IMT Ghaziabad.

Smt Malvika Sinha

Independent Director

Smt. Malvika Sinha is Independent Director on the board of NARCL. Ms. Sinha is a seasoned professional and has more than 4 decades of experience at Reserve Bank of India. Ms. Sinha was Executive Director at Reserve Bank of India from April 2017 to Feb 2020 and oversaw Deposit Insurance and Credit Guarantee Corporation, Foreign Exchange Department, Internal Debt Management Department and Human Resources Management Department. Ms. Sinha also held positions as the member of Governing Council of Indian Institute of Banking and Finance and member of Governing Board of Institute of Banking Personnel Selection.

Shri Richard Mendonca

Independent Director

Shri Richard Mendonca is an independent director on the Board of NARCL. He is also the Chairman of the Audit Committee of the company. Mr. Mendonca is a qualified Chartered Accountant and Company Secretary having over three decades of experience at senior levels in various professionally managed organizations like J Walter Thompson, ESAB India Ltd., and Pennzoil India Ltd., Besides having experience in the field of Accounting, Finance, Audit and Secretarial, he has experience in various industries like Engineering, Lubricants, Welding, Ball bearings and Advertising and Communication. Mr. Mendonca was a director and on the Audit Committee of SBI Mutual Fund Trustee Co. Pvt. Ltd. for a period of eight years from April 2014 to April 2022.