Union Bank of India has executed an agreement for sale of its 8% stake in India SME Asset Reconstruction Company (ISARC) in favour of Dhansamridhi Finance. The stake sale is subject to obtaining requisite regulatory approvals.
ISARC is the country's first ARC (Asset Reconstruction Companies) supported by a large number of public sector banks and undertakings, focussed on NPA resolution of the MSME sector.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
