Pallav Mohapatra has been appointed as CEO of Asset Reconstruction Co India (Arcil) with effect from March 8.

Pallav a former State Bank of India (SBI) executive, retired as Central Bank CEO at the end of February. The government has waived his mandatory one year freshening off period.

Archil states, "Mohapatra will be responsible for leading the strategic direction and growth journey of the organization. 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.”

Established in 2002, Arcil was India's oldest asset reconstruction company, currently manages assets of 12,000 crore. Its shareholders include Avenue Capital, SBI, IDBI, ICICI, PNB and also GIC Singapore.

Arcil was 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 78,000 crore acquired from Indian banks and Financial Institutions.

Mohapatra succeeds Vinayak Bahuguna, who left Arcil after five years at the helm in June 2020.In his four era of long banking career, he was also done the role of deputy managing director, stressed assets management group at SBI and also handled the bank's operations in Los Angeles, USA and CEO of the bank credit cards business SBI Cards & Payment Services Ltd.