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Finance minister Nirmala Sitharaman on Monday reviewed the progress in establishing Nationwide Asset Reconstruction Firm Ltd (NARCL), the particular objective asset reconstruction firm to take over massive worth NPA accounts (above Rs 500 crore) from the banks.
With account-wise due diligence nearing completion, the primary set of accounts is anticipated to be transferred in July 2022.
The remaining accounts are proposed to be taken over throughout the third quarter of the present monetary yr,” the finance ministry mentioned in an announcement. The boards of NARCL and IDRCL are in place.
