RBI: Reserve Bank of India announces names of members of Overseeing Committee

MUMBAI: The Reserve Bank of India today announced names of the members of Overseeing Committee which was given an expanded mandate after the promulgation of the new NPA ordinance.

OC which was earlier a two-member committee consisting of former chief vigilance commissioner Pradeep Kumar and former State Bank of India chairman Janki Ballabh has got additional three members.

The new members include former L&T Finance Holdings Chairman YM Deosthalee, former Canara Bank chairman MBN Rao and Sebi whole time member S Raman whose appointment will be effective from 7th September. Pradeep Kumar has also been named the chairman of the 5 member committee.

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 Reserve Bank said.

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.

RBI also said that the circular advising banks for the process to be followed for resolution of identified stressed assets within six months will be issued separately.