The Press Release issued by the Reserve Bank of India on May 22, 2017, outlining the steps taken and those on the anvil pursuant to the promulgation of the Banking Regulation (Amendment) Ordinance, 2017, had inter alia mentioned about the reconstitution of the Overseeing Committee (OC) with an expanded mandate.
The Reserve Bank has since brought the OC under its aegis. The OC will, for the present, have five members, including a chairman, and 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. The composition of the OC will be as under:
Shri Pradeep Kumar (Chairman)
Shri Janki Ballabh
Shri M.B.N Rao
Shri Y. M. Deosthalee
Shri S. Raman (w.e.f. September 7, 2017)
The reconstituted OC will work with an expanded mandate to review, in addition to cases being restructured under the Scheme for Sustainable Structuring of Stressed Assets (S4A), resolution of other cases where the aggregate exposure of the banking sector to the borrowing entity is greater than ₹ 500 crore.
The circular advising the banks of the above changes and other details of the process to be followed by banks for resolution of identified stressed assets within six months will be issued separately.
Jose J. Kattoor
Chief General Manager
Press Release: 2016-2017/3454