Points to Remember:
- Banking regulator, the Reserve Bank of India has set up a three-member panel to assist the recently appointed administrator of the embattled shadow bank — Dewan Housing Finance Ltd (DHFL).
- The Reserve Bank has decided to take the financial institution to the insolvency board as it continued defaulting on debt multiple times, along with concerns over governance. As a result, the central bank had superseded the DHFL board, with the appointment of administrator — R Subramaniakumar.
- The central bank has now appointed three more people, who will act as advisors to administrators.
- The administrators include Rajiv Lall, Non-Executive Chairman, IDFC First Bank; N S Kannan, Managing Director and CEO, ICICI Prudential Life Insurance and NS Venkatesh, Chief Executive, Association of Mutual Funds in India.
- “The Reserve Bank, in the exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934, has constituted a three-member Advisory Committee to assist the Administrator of DHFL in the discharge of his duties,”
Important Possible questions based on above News:
- Recently Reserve Bank of India (RBI) has appointed an advisory panel of how many members to assist the administrator of the embattled shadow bank -Dewan Housing Finance Ltd (DHFL)? three
- Recently Reserve Bank of India (RBI) has dissolved the board of DHFL and appointed ___ as Administrator. R Subramaniakumar
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