Finance minister Nirmala Sitharaman on Monday reviewed the progress in setting up National Asset Reconstruction Company Ltd (NARCL), the special purpose asset reconstruction company to take over large value NPA accounts (above Rs 500 crore) from the banks.
With account-wise due diligence nearing completion, the first set of accounts is expected to be transferred in July 2022.
The remaining accounts are proposed to be taken over within the third quarter of the current financial year,” the finance ministry said in a statement. The boards of NARCL and IDRCL are in place.