RBI grants licence to NARCL under Sarfaesi Act

The Reserve Bank of India (RBI) has granted the National Asset Reconstruction Company (NARCL) the licence to register as an asset reconstruction company (ARC) under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.
As per Section 3 of the SARFAESI Act, a company can carry the business of asset reconstruction only after
- obtaining a certificate of registration from RBI and,
- having the owned fund of not less than Rs 2 crore or such other amount not exceeding 15% of total financial assets acquired or to be acquired by the securitisation company or reconstruction company.
The NARCL has been incorporated under the Companies Act, and public sector banks will hold 51 percent in NARCL.

Points to remember:

Minimum net owned fund requirement for an Asset Reconstruction Company?= Rs 2 crore
Who gives the certificate of registration to a company to function as Asset Reconstruction Company?
The provision to register as ARC is as per provision of which act?- SARFAESI Act 2002