When N. Sundar abruptly resigned from the role before the conclusion of his term, Santhosh took over as NARCL’s acting CEO in January.
The National Asset Reconstruction Company (NARCL) board has reportedly suggested P. Santhosh become managing director and chief executive officer of the state-owned bad bank, as per media reports.
When N. Sundar abruptly resigned from the role before the conclusion of his term, Santhosh took over as NARCL’s acting CEO in January.
Former chief general manager Santhosh worked for Canara Bank, one of the sponsoring institutions of the asset reconstruction company.
The reports that were previously cited state that the NARCL board has proposed Santhosh for a three-year term.
Sundar and Padmakumar Nair, two senior officials from SBI, served as NARCL’s previous MDs.
NARCL started accepting applications for the MD & CEO roles in mid-April from senior managers who have 10 years of experience in stressed asset resolution. NARCL announced that it was opening applications and that it intended to buy stressed assets—worth about ₹2 lakh crore—gradually.
According to one of the sources, NARCL aggressively bought troubled assets soon after Santhosh took over as interim director.
According to media sources, NARCL purportedly acquired 18 accounts with ₹92,500 crore in outstanding loans as of March 31, 2024.
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