CURRENT AFFAIRS

Detailed explanation-1: -The decision to appoint Mohapatra comes at a time when the government is planning to set up a national level asset reconstruction company to clean up banks’ balance sheets.

Detailed explanation-2: -Pradeep Goel is currently working as Chairman and Managing Director of Prudent ARC Limited. He has work experience of 27 years as an industrialist, entrepreneur in the field of Iron and Steel.

Detailed explanation-3: -UPSC Mains. Q. Who has been appointed as the MD and CEO of NARCL (National Assets Reconstruction Company Ltd)? Notes: Former State Bank of India Deputy Managing Director Natarajan Sundar has been appointed as the Managing Director and CEO of NARCL (National Assets Reconstruction Company Ltd) as MD & CEO.

Detailed explanation-4: -Pradip Shah has been appointed as the Chairman of the National Asset Reconstruction Company (NARCL) on 3 December 2021. He is the founder of IndAsia Fund Advisors. He is credited for establishing India’s first housing finance company, HDFC and rating firm Crisil.

Detailed explanation-5: -Arcil, which was founded in 2002, trails Edelweiss ARC Ltd in terms of assets under management and is neck and neck with JM Financial ARC Ltd. The company is backed by US-based Avenue Capital, which holds a 25.03% stake.