YES Bank says on track to set up ARC, on lookout for partners

Yes Bank on Saturday said it is on track to set up its asset reconstruction company (ARC) and is on the lookout for partners. “The process to form the ARC and complete the transfer of legacy stressed assets is on track and we expect to complete this by the end of the current quarter,” Yes Bank chief executive Prashant Kumar said.

He added that the way in which Yes Bank is moving ahead is in line with regulatory requirements. In the meantime, the bank does not intend to sell any of its bad assets to other ARCs.

“We are trying to have a partner to form an ARC where the stressed pool of the bank can be transferred in a transparent manner,” Kumar said. Last year, the bank’s proposal to set up an ARC had been turned down by the Reserve Bank of India (RBI) in the form in which it was originally envisaged.

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