RBI announces names of Overseeing Committee members
Published: Jun 23, 2017
By TIOLCORP News Service
NEW DELHI, JUNE 23, 2017: THE Reserve Bank of India (RBI) has, vide a press release issued last month, outlined the steps taken and those on the anvil pursuant to the promulgation of the Banking Regulation (Amendment) Ordinance, 2017. In the press release it had also mentioned about the reconstitution of the Overseeing Committee (OC) with an expanded mandate.
The RBI has since brought the OC under its aegis. The OC will, for the present, have five members, including a chairman, and will work through multiple benches as may be necessary and constituted by the Chairman to opine on the cases referred to it by the banks. The composition of the OC will be as under:
Mr Pradeep Kumar (Chairman)
Mr Janki Ballabh
Mr M.B.N Rao
Mr Y. M. Deosthalee
Mr S. Raman (w.e.f. September 7, 2017)
The reconstituted OC will work with an expanded mandate to review, in addition to cases being restructured under the Scheme for Sustainable Structuring of Stressed Assets (S4A), resolution of other cases where the aggregate exposure of the banking sector to the borrowing entity is greater than Rs 500 crore.