The Reserve Bank of T India (RBI) on Friday raised supervisory concerns on the functioning of asset reconstruction companies (ARCS) during its interactions with debt recast firms.
"Deputy Governor J Swaminathan, in his address, emphasised that setting the right tone from the top is crucial in fostering a culture of integrity and ethical conduct. He highlighted several supervisory concerns in the functioning of ARCS," the RBI statement said.
The deputy governor urged ARCS to adopt a regulation-plus approach where there is compliance with both the letter of the regulation and also its spirit.
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