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RBI appoints advisory panel to assist DHFL administrator

November 22, 2019 12:57 PM

MUMBAI:The Reserve Bank of India (RBI) on Friday appointed an advisory committee to advise the Administrator of the private sector Dewan Housing Finance Corp Ltd following the supercession of its board, the RBI announced.

The RBI, on November 20, had superseded the board of directors of Dewan Housing Finance Corporation Ltd (DHFL) and appointed R. Subramaniakumar as the company Administrator.

"The Reserve Bank, in exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934, has today constituted a three-member Advisory Committee to assist the Administrator of DHFL in discharge of his duties, " the central bank said.

The members of the Advisory Committee are -- IDFC First Bank non-executive Chairman Rajiv Lall, ICICI Prudential Life Insurance CEO N.S. Kannan and Association of Mutual Funds in India Chief Executive N.S. Venkatesh.

The Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, provide for the concerned financial sector regulator appointing a Committee of Advisors to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process.

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