BackDebt recast: RBI announces names of members of KV Kamath committee
The Reserve Bank has constituted the Expert Committee under the chairmanship of K.V. Kamath
PremiumA day after the Reserve Bank announced a special window on resolution of stressed assets, today it announced the names of the members of the committee that will submit recommendations on the financial parameters to the central bank. The RBI will the committee under KV Kamath, the former head of the New Development Bank set up by the BRICS, to give recommendations on the required financial parameters, along with the sector specific benchmark ranges which need to be factored into the resolution plans.
The committee will function under the aegis of the Reserve Bank.
"The expert committee shall also undertake the process validation for the resolution plans to be implemented under this framework, without going into the commercial aspects, in respect of all accounts with aggregate exposure of ₹1,500 crore and above at the time of invocation," RBI said in a statement.
The other members of the committee will be Diwakar Gupta (effective September 1, 2020, after the completion of his term as Vice President, ADB), TN Manoharan (effective August 14, 2020, after the completion of his term as Chairman, Canara Bank), Ashvin Parekh, Strategy Advisor and CEO of Indian Banks’ Association, as the Member Secretary.
"The Committee shall submit its recommendations on the financial parameters to the Reserve Bank which, in turn, shall notify the same along with modifications, if any, in 30 days," RBI said.
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