Hari Hara Mishra takes charge as CEO of Association of Asset Reconstruction Companies: Hari Hara Mishra has been appointed as the new Chief Executive Officer (CEO) of the Association of Asset Reconstruction Companies (ARCs). The ARCs, which have been operational for over eight years, are the voice of all Asset Reconstruction Companies in India. There are now 28 ARCs registered with the Reserve Bank of India.
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Mishra’s Background:
Hari Hara Mishra is an experienced professional in the field of asset reconstruction. He began his career with the State Bank of India in 1982 and worked there until 2004. Since then, he has held different executive and director-level positions in the asset reconstruction sector.
His New Role:
As the new CEO of the Association of Asset Reconstruction Companies, Mishra will lead the organization and represent the interests of its member companies. He will collaborate closely with the Reserve Bank of India and other regulatory entities to ensure that the ARCs continue to comply with all applicable laws and regulations. Asset Reconstruction Companies (ARCs) are financial institutions that specialize in the acquisition and resolution of non-performing assets (NPAs). NPAs are loans and other financial assets that are in default, or in danger of default, and are considered a major problem for banks and other financial institutions.
About Asset Reconstruction Companies (ARCs):
The primary objective of ARCs is to acquire NPAs from banks and other financial institutions at a discount, with the aim of recovering as much of the outstanding amount as possible through resolution or restructuring. ARCs have become an increasingly essential feature of the Indian financial system, since they help to clean up banks’ balance sheets, free up capital for new lending, and facilitate the resolution of stressed assets in the economy.
In India, the first ARC was set up in 2003, and since then, the number of ARCs has grown steadily. There are currently 28 ARCs registered with the Reserve Bank of India, and they play an important role in the Indian financial system by helping to resolve stressed assets and support economic growth. The Association of Asset Reconstruction Companies (ARCs) is the industry body that represents all ARCs in India and works towards promoting the interests of the sector.