Punjab National Bank’s board has approved divestment of the entire stake in India SME Asset Reconstruction Company Ltd. (ISARC). ISARC has been incorporated on April 11, 2008, as an Asset Reconstruction Company (ARC).
The indicative time period for completion of the divestment of the entire stake (20.90%) in ISARC will be by the end of FY 2021-22 i.e. March 31, 2022, the company said in a filing on Friday.
The Reserve Bank has reviewed the policy on investment by banks in ARCs. Accordingly, it has been decided that banks may sponsor only one ARC at any point of time and banks' investment in other ARCs should be less than 10% of the paid-up equity capital of the ARC subject to extant prudential norms on investments, Bank said.
In order to comply with the above guidelines issued by RBI, Bank is in the process of Divestment of entire stake (20.90%) in India SME Asset Reconstruction Company Ltd. (ISARC).
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2024, IIFL Securities Ltd. All Rights Reserved
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
