NARCL chairman Pradip Shah quit before RBI nod: State Bank of India

After Shah stepped down, Subrata Biswas, a deputy managing director of SBI and one of the nominee directors of NARCL, was appointed as interim chairman

Pradip Shah, who had taken charge as the chairman of National Asset Reconstruction Co Ltd (NARCL), stepped down before the Reserve Bank of India (RBI) could approve the proposal, State Bank of India (SBI) said.

Shah, a financial sector veteran, took charge of the NARCL soon after the debt recast firm received the licence from the RBI.

According to sources familiar to the development, NARCL sought the RBI’s approval for appointing four directors. The application also indicated Shah's role as the chairman of the board.

“Directors’ appointment is one among the many appro­vals that an ARC requires prior to commencing business,”