Latest


M’lore: ARCIL came as Breather to Banking Sector - Ananthakrishna

  •   Thu, Jan 24 2008 01:25:08 PM

Daijiworld Media Network – Mangalore (NR)
 
Mangalore, Jan 24:  A seminar on 'Unlocking capital from non-performing loans' was arranged by ARCIL (Asset Reconstruction Company India Limited) at the Karnataka Bank's premises here at Kodialbail on Wednesday January 23 and inaugurated by the Bank's chairman Ananthakrishna.
 
Delivering the keynote address, Ananthakrishna dwelt on the scenario prior to the introduction of financial reforms and the introduction of income recognition concept. The enactment of SARFAESI Act is a right step towards recovery of non-performing assets. However, even the Securitization Act is not without roadblocks, he observed.


Ananthakrishna, chairman, Karnataka Bank Limited, inaugurating the Seminar on Unlocking Capital from Non-performing Loans organized by Asset Reconstruction Company India Limited. Amarnath, Sourav Ghosh, president, Asset Recovery Company Limited, H M A Khan, general manager, Corporation Bank,  P. Jayarama Bhat, chief general manager and G K Bhat, general manager, Karnataka Bank Limited, S Khasnobis, managing director and chief executive officer, ARCIL are also seen in the picture 

The creation of ARCIL has brought about changes in the recovery scenario and is a breather for banks to a considerable extent, he said. He lauded the role of ARCIL which is creating a security receipt which is tradable, he pointed out.
 
ARCIL is trying to revitalize the economy, convert the non-performing assets of banks into performing assets. It is a nodal agency for resolution of non performing assets, unlocking the non performing assets thus creating a vibrant market and re-energizing the financial sector as such.
 
However, he felt that a reasonably better price may be offered by ARCIL to banks for the assets sold by banks. It should be ensured that the borrowers meet their contractual obligations promptly and ARCIL has a role to play here.
 
Financial discipline is the sine qua non for the economy of any country. Financial system should become vibrant within the framework of law. ARCIL should aim at making the market more alive, keeping the bankers happy while ensuring that the borrowers are not unhappy, he advised. 

Sarvashri S. Khasnobis, managing director & chief executive officer, ARCIL, Saurav Ghosh, president, S K.Amarnath, ARCIL, P Jayarama Bhat, chief general manager, Karnataka Bank, H.M.A. Khan, general manager, Corporation Bank G K Bhat, N.S. Chakkera (general managers), Karnataka Bank and Amitha Trehan of ARCIL were present. 
  

Top Stories

Comment on this article

  • Krishna, Mangalore

    Sat, Jan 26 2008

    Banking is a well protected sector and the public know litlle nor have they any access to what is the health of the Sector. Today NPAs ( bad loans) in the Banking sector are no more mere error of commercial judgements but much more. Banking sector also has some corrupt elements on par or surpass any Govt Babus or politicians. While we come to know about Govt Servants due to Lok Ayuktha mechanisms , we hear little about Bankers who are on equal footing because they are not covered by the local State laws .

    The public should have a right of information about the NPAs and write-offs and compromise settlemnts in minute details.These are the areas where the public money is drained out by industrialists-businessmen-banker nexus about which little is known to the society. So next time if you see a banker who may seem to be model of rags to riches story - just take it with a pinch of salt because as far we know Bankers are not paid so highly.

    DisAgree Agree Reply Report Abuse


Leave a Comment

Title: M’lore: ARCIL came as Breather to Banking Sector - Ananthakrishna



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.

You might also like