Recently, the Reserve Bank of India (RBI) has 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.
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Key-Points
The new committee will function under the aegis of the Reserve Bank.
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 other members of the committee include Diwakar Gupta, T.N. Manoharan, Ashvin Parekh, and Sunil Mehta, CEO of Indian Banks’ Association, as the member-secretary.
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.