Arcil appoints Pallav Mohapatra as CEO & MD 

Pallav Mohapatra had earlier served as MD and CEO of the Central Bank of India.

Arcil has appointed Pallav Mohapatra as its Chief Executive Officer & Managing Director, the company announced on March 9. Mohapatra will be responsible for leading the strategic direction and growth journey of the organization, Arcil said.

Mohapatra had earlier served as MD and CEO of the Central Bank of India. He retired on February 28, 2021.

"He played an instrumental role in turning around the fortunes of the Bank by addressing its stress asset portfolio in particular along with other key modernization initiatives," Arcil said in a statement.

In his nearly four-decade-old career, Mohapatra has also served in a variety of roles and assignments at India's largest lender State Bank of India (SBI). He was the Deputy Managing Director of Stressed Assets Management Group at State Bank of India.

"During his career, Mohapatra has led a plethora of modernisation initiatives based on data analytics to improve process efficiency and mitigate risk within the organisation's systems. Under his stewardship, there has also been a strong focus on the growth and empowerment of the organisation’s workforce," Arcil said.

Speaking on the occasion, Anil Gorthy, Chairman, Arcil, said "We are pleased to welcome Mohapatra as our CEO & MD. Mohapatra brings with him years of seasoned banking insight and a wealth of experience in the industry particularly the management of stressed assets. We are confident that he will continue to drive our evolution as pioneers in the asset reconstruction space."

Among the different entities operating in India in the asset reconstruction space, the oldest is Asset Reconstruction Company India (Arcil).

Founded in 2002, Arcil currently manages an AUM of Rs.12,000 crore in non-performing loans.   The company's shareholders include AvenueCapital, SBI, IDBI, ICICI, PNB.

Arcil is also an associate member of the Indian Banks' Association (IBA), an industry lobby of Indian lenders. According to its website, Arcil has resolved NPAs worth over Rs 78,000 crore acquired from Indian banks and Financial Institutions.