RBI rejigs oversight panel for bad loan resolution | Reuters

MUMBAI The Reserve Bank of India (RBI) on Thursday reconstituted a panel to oversee restructuring of troubled loans, as it strives to cut more than $150 billion of bad debt banks in Asia's third-largest economy have accumulated over the past years.Pradeep Kumar, a former vigilance chief, was named chairman of the five-member panel, which has three former bank chief executives and a leading corporate sector executive among its members.

Reuters June 22, 2017 21:49:36 IST
RBI rejigs oversight panel for bad loan resolution
| Reuters

RBI rejigs oversight panel for bad loan resolution
 Reuters

MUMBAI The Reserve Bank of India (RBI) on Thursday reconstituted a panel to oversee restructuring of troubled loans, as it strives to cut more than $150 billion of bad debt banks in Asia's third-largest economy have accumulated over the past years.Pradeep Kumar, a former vigilance chief, was named chairman of the five-member panel, which has three former bank chief executives and a leading corporate sector executive among its members.

"The reconstituted OC (overseeing committee) will work with an expanded mandate to review, in addition to cases being restructured under the Scheme for Sustainable Structuring of Stressed Assets, resolution of other cases where the aggregate exposure of the banking sector to the borrowing entity is greater than Rs. 500 crore (5 billion rupees)," the central bank said in a statement.

The other members of the panel include former bankers Janki Ballabh, M.B.N. Rao and S. Raman. Y.M. Deosthalee, a former finance chief of engineering group Larsen & Toubro, was also named a member of the panel.

Raman, who is currently a whole-time member of capital markets regulator Securities and Exchange Board of India, will join the panel from September 7, the RBI said. (Reporting by Devidutta Tripathy; Editing by Biju Dwarakanath)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
India

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes

The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province
India

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province

Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth
India

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth

Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.