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Padmakumar Nair to head NARCL

State Bank of India veteran Padmakumar M Nair has been appointed as the chief executive of National Asset Reconstruction Company (NARCL), the proposed entity for taking over bad loans of lenders, predominantly public sector banks.  NARC, also called a ‘bad’ bank, is expected to be operational in June 2021. Nair has been a career banker with SBI. He has been Chief General Manager in the stressed assets resolution group (SARG) of the bank since April 2020. Earlier, he was General Manager in the SARG from 2017. He has worked mostly in the corporate banking segment in the last 2 decades. He and his team will be involved in framing rules for making offers and acquisition of bad assets from banks. The Indian Banks’ Association (IBA) is working out the finer details of the proposed ‘bad’ bank

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