BANK NEWS
RBI gives three more names on Kamath committee for the restructuring of loans
New Delhi: The Reserve Bank of India announced the addition of three more members of the Kamath who will work on the loan restructuring. The chaired persons will be Veteran banker K V Kamath and other members will include former State Bank of India Managing Director Diwakar Gupta from effective September 1 after the completion of his term as Vice President of Asian Development Bank.
After the completion of terms of as Chairman of Canara Bank T N Manoharan will also join the committee along with banking expert Ashvin Parekh from August 14 for structuring frame rules of loans stressed borrowers proposed by the central bank a day earlier.
A statement issued by the RBI states that the expert committee will undertake the process validation for resolution plans to be implemented under this framework without going into commercial aspects in respect of all accounts with aggregate exposure of Rs 1,500 crore and above at the time of invocation The committee will be fully empowered to consult or invite any person it deems fit and can devise its procedures for its internal functioning, said the central bank.
The committee ensured that it will take the financial measures for a resolution plan with sector-specific benchmark ranges for such parameters.
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