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23
June 2017
The
Reserve Bank of India (RBI) on Thursday said it has reconstituted the
"Overseeing Committee (OC)" formed to look at the stressed assets of
the banking sector.
"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 RBI said
in a statement here.
Further,
the apex bank named Pradeep Kumar as Chairman of its reconstituted OC, whose
members will take charge from September 7. The OC's other members are financial
experts Janki Ballabh, M.B.N. Rao, Y.M. Deosthalee and S. Raman.
According
to RBI, the reconstitution of the OC with an expanded mandate is meant to
promulgate the Banking Regulation (Amendment) Ordinance, 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," the statement said. The Total
Investment & Insurance Solutions
"The
circular advising the banks of the above changes and other details of the
process to be followed by banks for resolution of identified stressed assets
within six months will be issued separately," the apex bank said. The Total Investment & Insurance Solutions
The
Banking Regulation (Amendment) Ordinance, 2017 was passed by the Union cabinet
and promulgated by the office of the President of India last month.
The
ordinance has enhanced RBI's power to tackle the NPAs issue. The Reserve Bank
has since brought the OC under its aegis. The Total Investment & Insurance Solutions
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