 "Asset reconstruction companies banned from buying own group assets")
The Reserve Bank of India (RBI) on Friday prohibited asset reconstruction companies (ARCs) from buying assets on a bilateral basis from its own group or parent bank.
The central bank said ARCs could not buy financial assets from a bank or financial institution which was the sponsor, or “ a lender or a subscriber to the fund, if any, raised by the ARC for its operations”.
The central bank said ARCs could not buy financial assets from a bank or financial institution which was the sponsor, or “ a lender or a subscriber to the fund, if any, raised by the ARC for its operations”.
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