Sunil Mehta committee constituted to examine setting up of ARC for faster resolution of stressed assets of Public Sector Banks (PSBs)

The Union finance ministry has set up a committee to examine the possibility of setting up an Asset Reconstruction Company (ARC) or an Asset Management Company (AMC) to fast track resolution of stressed assets. Punjab National Bank’s non executive chairman Sunil Mehta will head the panel. The Committee will consider whether such an arrangement will be good for the banking system. If it is considered advisable, the Committee will also consider the modalities by which such an ARC / AMC should be set up. It will submit its report in two weeks.