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

Mr. Diwakar Gupta

Chairman & Independent Director

Mr. Diwakar Gupta is Chairman and Independent Director on the board of NARCL. Mr. Gupta is a career banker and served as MD & CFO at SBI and has global exposure. He was Vice President for Private Public Partnerships at the Asian Development Bank (2015-2020). He also has worked as an Independent Director for various marquee organizations in India.

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.

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.

P Santhosh

Managing Director & CEO

Shri P Santhosh is Chief General Manager of Canara Bank with over three decades of rich banking experience with expertise in corporate, infrastructure credit, export-import credit and resolution of stressed assets. He successfully headed the Stressed Asset Management Vertical of Canara Bank in two stints and has an extensive exposure in resolution of large corporate/infrastructure assets including restructuring under the RBI framework and resolution under IBC. Shri Santhosh has completed M Sc (Ag) and a Certified Associate of Indian Institute of Bankers. He has participated in various meetings / committees at IBA / MCA / IBBI on the matters of IBC and Stressed Asset Management and Resolution. He was head of Mumbai Circle of Canara Bank for 3 years which has maximum contribution to the business of Bank and at the same time he served as a Director and Chairman on the Board of Canbank Financial Services Ltd.