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RBI appoints more members in oversight committee

The Reserve Bank of India has increased the number of members in the oversight committee set up to handle stressed assets of banks. The RBI has also empowered the committee to approve stressed asset cases where banks have more that Rs 500 crore exposure. RBI said it is naming M.B.N. Rao, former CMD of Canara Bank, Y.M. Deosthalee, former CMD of L&T Finance Holdings, and S. Raman, whole time member at the Securities and Exchange Board of India as the new members. The committee till now had two members – former State Bank of India chairman Janki Ballabh and former chief vigilance commissioner Pradeep Kumar. The reconstituted committee will be led by a Pradeep Kumar and will work through multiple benches to approve various cases of restructuring referred by banks. The committee will be responsible for approving cases of restructuring under the central bank’s S4A (Scheme for Sustainable Structuring of Stressed Assets) as well as for resolving stressed cases where the aggregate exposure of the banking industry is above Rs 500 crore. The committee was originally constituted by the Indian Banks’ Association in consultation with RBI.

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