RBI calls up UVARCL to explain flouted norms; RCom, Aircel resolution plans in the balance

The banking regulator said in a notice that UVARCL had flouted norms laid down by the Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act and wilfully violated the RBI's guidelines, people aware of the matter said. According to the Sarfaesi Act, asset reconstruction companies cannot infuse equity into an insolvent company at the resolution stage

from Banking/Finance-Industry-Economic Times https://ift.tt/36TtF6D