The Reserve Bank of India reconstituted the Oversight Committee by appointing three more members. The high-level panel was formed to examine the process to resolve mounting bad loans in the banking sector. According to the RBI former chief vigilance commissioner, Pradeep Kumar will head the now reconstituted 5-member panel.
Besides Kumar, the other members of the committee are former SBI Chairman Janki Ballabh, former Canara Bank Chairman and MD MBN Rao, former Chairman of L&T Finance YM Deosthalee and S Raman, member SEBI. Raman would be inducted into the panel from September 7, 2017 after he completes the term at SEBI. The expansion follows promulgation of the Banking Regulation (Amendment) Ordinance, 2017 last month.
Banking Takeaways from Above News-
- The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
- RBI was nationalized in 1949.
- Urjit Patel is the 24th Governor of RBI.
Source- The Indian Express