RBI rejects reappointment of Raj Kumar Bansal as MD, CEO of Edelweiss ARC

The Reserve Bank of India (RBI) has rejected Edelweiss Asset Reconstruction Company's request to appoint Raj Kumar Bansal as its managing director and CEO. Bansal is currently Edelweiss ARC's MD and CEO. The RBI barred Edelweiss ARC and ECL Finance from acquiring financial assets or structured transactions due to "evergreening" distressed loans.