Retired SBI senior executive Natarajan Sundar joins NARCL as MD CEO

Karnam Sekar, Malvika Sinha named independent directors; NARCL Board now has 5 nominees from shareholder banks, one more independent director likely to join soon

Former State Bank of India exexutive Natarajan Sundar has joined National Assets Reconstruction Company Ltd (NARCL) as managing director and CEO on May 30.

Sundar is a banking veteran having served SBI for over 37 years and retired as Dy MD and Chief Credit Officer of the bank on April 30, 2022, SBI said in a statement.

NARCL, a the special purpose vehicle set up as a joint initiative of Public and Private Sector Banks, is expected to takeover bad loans from banks and focus on resolution and recoveries.

He was selected through a competitive selection process through an open advertisement and was interviewed in April 2022, by a selection panel consisting of senior bankers from both Public and Private Sector.

In the previous week, NARCL appointed Mr. Karnam Sekar as the Independent Director and Non-Executive Chairman of the Board. Sekar was the MD CEO of Indian Overseas Bank from July 2019 to June 2020. Earlier he was MD CEO of Dena Bank from Sep 2018 until its merger in April 2019.

Malvika Sinha, retired Executive director of Reserve Babk of India ( RBI), also joined the Board of NARCL as an independent director last week. Sinha is a career central banker, having joined RBI in 1982 and served across Regulation, Supervision, Foreign exchange and Government and Bank Accounts in RBI.

Apart from the above, NARCL Board now has 5 nominee directors from shareholder banks and one more independent director is expected to join the Board shortly. With this the Board will have its full complement of 9 directors.

NARCL has shareholding from 15 Indian Banks and Canara Bank is the sponsor bank of this ARC. Together with IDRCL, they are presently engaged in completing the financial and legal due diligence of the identified accounts for take over from lenders. NARCL is expected to make binding financial offers for a few accounts very shortly.