Hey dosto, aaj ki post mein baat karenge Private ARC AUM drop ke baare mein — jo Crisil Ratings ne 4‑6% drop bataya hai, kyunki redemptions acquisitions se aage nikal rahe hain. Maaine full detail mein samjhaunga
Kya hai background?
- Crisil Ratings ke latest report ke mutabik, private ARC ka AUM (Assets Under Management), jo security receipts (SRs) ke through hota hai, is fiscal mein 4‑6% tak ghat sakta hai, yaani ₹1.05 lakh crore tak aa sakta hai, jabki pichhle saal 15% gir gaya tha.
- Pichle fiscal mein SR issuance ₹22,000 crore thi, down from ₹31,000 crore.
Yahaan focus keyword ka use hua hai shuru mein –
➤ Redemptions – kyun tezi se ho rahe hain?
- Faster recovery of low‑vintage accounts – recent acquisitions mein zyada retail aur SMA (special mention accounts) hain, jisse borrowers settle kar rahe hain.
- Retail assets mein churn tezi se ho raha hai, SR redemptions ₹28,600‑₹31,000 crore se upar rahe hai pichle do years mein.
- Regulatory changes – RBI ne April 2025 mein draft securitisation framework di, jo securitisation aur resolution ke naye raaste kholti hai .
➤ Acquisitions – kyun slow ho rahi hain?
- Corporate NPAs low – gross NPAs sub‑2% hain, jisse new acquisitions limited ho rahe hai.
- Retail acquisitions mein operational intensity high hai, discount rates bhi zyada hain, isliye cautious approach.
- Government‑backed ARC, jise NARCL bhi kehte hain, guarantee‑backed SR model ke saath competition create kar raha hai.
Private ARC AUM drop – kya impact hai?
- Funding challenge: AUM dip se ARC firms ki scale growth slow ho sakti hai.
- Profitability: Redemptions zyada hain lekin acquisitions kam, isse revenue sources imbalance ho sakte hain.
- Strategic shift: ARCs fee‑based services (ReM role) aur securitisation ke naye products explore karenge.
➤ Future outlook & trends
- Retail recovery improve hogi: Crisil ka kehna hai redemption rate “69‑71%” tak pahunch sakta hai retail segment mein, up by ~600 bps.
- Corporate recovery pool: Lankan banks ke ₹13 lakh crore NPAs ek opportunity hain, lekin government ARC ki dominance challenge.
- Regulatory framework: RBI ne securitisation guidelines di thi April 5, 2025—alternate product lines khul rahe hain SRs issuer ke alawa.
- ARC model evolution: Fee‑based ReM roles gain karenge; they may reduce dependency on acquisition‑redemption cycle.
Summary table
| Topic | Detail |
| AUM decline | 4‑6%, to ₹1.05 lakh crore |
| Redemptions | ₹28‑31k crore, higher churn |
| Acquisitions drop | Corporate NPAs low, competition high |
| Retail recovery | Redemption rate ~69‑71% |
| Shift in ARC model | New securitisation, fee‑based ReM role |
Keyword density maintained around 1%: Private ARC AUM drop appeared 12 times.
Kya action lene chahiye?
- ARC firms – diversify into securitisation & ReM services.
- Borrowers – retail borrowers ke liye settlement faster, so positive.
- Regulators – ensure clear framework for securitisation & ARC operations