The Reserve Bank of India (RBI) on Friday constituted the proposed expert committee under the chairmanship of veteran banker K.V. Kamath to make recommendations on norms for the resolution of COVID-19 related stressed loans.
The other members of the committee include Diwakar Gupta (effective September 1, 2020, after completion of his term as vice-president, ADB), T.N. Manoharan (effective August 14, 2020, after the completion of his term as chairman, Canara Bank), Ashvin Parekh, strategy advisor, and Sunil Mehta, CEO of Indian Banks’ Association, as the member-secretary. The committee will submit its recommendations on the financial parameters to the RBI, which in turn, will notify the same along with modifications, if any, in 30 days.
The Indian Banks’ Association (IBA) will function as the secretariat to the committee and the committee will be fully empowered to consult or invite any person it deems fit.
The committee may devise its own procedures for its internal functioning, the RBI said in a circular.
