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The National Assets Reconstruction Company Ltd (NARCL), the government-backed bad bank, on Tuesday said it has appointed former State Bank of India (SBI) official Natarajan Sundar as its managing director and chief executive.

Sundar retired on 30 April as SBI deputy managing director and chief credit officer after 37 years with the bank. He has experience in corporate banking policies and products, and had a fairly long stint in SBI’s mid, large corporate group as well as in project finance.

NARCL said Sundar was selected through a competitive selection process and was interviewed in April by a panel of senior bankers from both public and private sector.

“After his name was recommended for the position by NARCL board, the fit and proper approval was granted by RBI on 24 May. The incumbent chief executive Padmakumar Nair who was on secondment from SBI has since been repatriated to the parent bank," it said.

NARCL has also appointed former Indian Overseas Bank CEO Karnam Sekar as an independent director and non-executive chairman of the board and Malvika Sinha, retired executive director of the Reserve Bank of India (RBI) as an independent director.

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