NARCL MD & CEO Natarajan Sundar quits, Canara Bank CGM on deputation

Natarajan Sundar, the Managing Director and Chief Executive Officer of National Asset Reconstruction Co Ltd (ARC), has quit. P Santhosh, Chief General Manager of Canara Bank, has been sent on deputation to NARCL until a new CEO is appointed.

Canara Bank is the sponsor bank of NARCL with over a 10 per cent stake. Public sector banks are major shareholders of NARCL.

Last week, during an interaction with bankers, Finance Minister Nirmala Sitharaman reviewed the progress on the acquisition of accounts by NARCL. She had said that NARCL and Public Sector Banks should coordinate closely for expediting the on-boarding of stressed accounts.

A total of 10 Public Sector Banks (PSBs) have transferred Non-Performing Assets of over Rs 11,617 crore to NARCL between January and November last year.

Sundar was with State Bank of India before taking charge at NARCL.
 

During his stint at SBI, Sundar held the position of Deputy Managing Director (DMD) and was working as Chief Credit Officer for the Bank.

He carries over three decades of experience in the banking sector, spanning across Corporate & Wholesale Banking, Corporate Credit, International Banking, Project Finance, etc.