The origin of ARCs could be traced to a 1991 report on financial sector reforms by a panel chaired by former RBI Governor M. Narasimham. Till that time the corporate management policy was lax and there was no concerted effort in building up a fund that could look after the bad loans. When RBI issued a first set of instructions to the banks to identify and classify the NPAs, in October 1990, a large number of large number of NPAs were recorded in the public sector banks.
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[R. Balaji and S.Vijayadurai (2014); AN EVALUATION OF PERFORMANCE OF ASSET RECONSTRUCTION COMPANIES Int. J. of Adv. Res. 2 (12). 0] (ISSN 2320-5407). www.journalijar.com
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