The Reserve Bank of India on Thursday 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. The RBI said in a statement issued from Mumbai today that former chief vigilance commissioner Pradeep Kumar will head the now reconstituted 5-member panel. <br/><br/>It said that the Oversight Committee will work through multiple benches as may be necessary and constituted by the Chairman to opine on the cases referred to it by the banks. It also stated that the reconstituted Oversight Committee would also work with an expanded mandate to review, in addition to cases, which were restructured under the Scheme for Sustainable Structuring of Stressed Assets and resolution of other cases where the aggregate exposure of the banking sector to the borrowing entity is greater than Rs 500 crore. The expansion follows promulgation of the Banking Regulation (Amendment) Ordinance, 2017 last month.

The Reserve Bank of India on Thursday 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. The RBI said in a statement issued from Mumbai today that former chief vigilance commissioner Pradeep Kumar will head the now reconstituted 5-member panel. <br/><br/>It said that the Oversight Committee will work through multiple benches as may be necessary and constituted by the Chairman to opine on the cases referred to it by the banks. It also stated that the reconstituted Oversight Committee would also work with an expanded mandate to review, in addition to cases, which were restructured under the Scheme for Sustainable Structuring of Stressed Assets and resolution of other cases where the aggregate exposure of the banking sector to the borrowing entity is greater than Rs 500 crore. The expansion follows promulgation of the Banking Regulation (Amendment) Ordinance, 2017 last month.