Monday, Oct 18 2021 | Time 19:42 Hrs(IST)
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Business Economy


Anish Mashruwala welcomes govt's announcement of 5 yr sovereign guarantee to NARCL

Mumbai, Sep 16 (UNI) Anish Mashruwala, Partner, J Sagar Associates, on Thursday
welcomed the government's announcement of the five year sovereign guarantee to the NARCL or bad bank.
Commenting on the announcement, he said,“The announcement today of the 5 year sovereign guarantee to the NARCL or bad bank, caps of the planned direction that the Government had envisioned to address the NPA stress. The move, while expected from the promise of the 2021 budget, has come off the back of some of the PSUs showing strength in capital market raising recently. The sovereign guarantee will support the regulatory provisioning requirement of the RBI on the security receipts portion under the structure and allow the banks to free up that capital without the burden of additional provisioning - effectively allowing more participation from the banks to resolve their NPAs through the bad bank.''
''This is a positive move for the banking sector and the Government has ensured that the majority of the PSUs are capable of standing on their own feet before announcing this. The success of the bad bank however will depend on the implementation and management of the transferred NPAs and it is likely that the Government will keep a close eye on the management of the India Debt Resolution Company that will be tasked with the same,'' he added.
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(Repeating DC32)
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