Panel for helping RCap administrator

The Reserve Bank of India has constituted a three-member advisory committee to help the Administrator of Reliance Capital Ltd which got here beneath the insolvency course of on Monday. The members of the Advisory Committee embody Sanjeev Nautiyal, former DMD, State Bank of India, Srinivasan Varadarajan, former DMD, Axis Bank and Praveen P Kadle, former MD & CEO, Tata Capital Ltd.
The RBI outdated the board of administrators of RCL, belonging to the Anil Ambani group, in view of the defaults by RCL in assembly the varied fee obligations to its collectors and critical governance considerations which the board has not been capable of tackle successfully. RCL owes Rs 21,781.01 crore, together with curiosity, as on October 31, 2021 to lenders.
The central financial institution had appointed Nageswar Rao Y, former Executive Director, Bank of Maharashtra, because the Administrator of the corporate beneath Section 45-IE (2) of the RBI Act. On October 5, the RBI outdated the boards of Kolkata-based NBFCs Srei Infrastructure Finance and Srei Equipment Finance. Earlier, the RBI had outdated the board of Dewan Housing Finance (DHFL).