RBI Formed Three Member Panel for DHFL Issue

The Reserve Bank constituted a three-member panel to advise the administrator of DHFL, ahead of formally moving for resolution of the troubled mortgage lender under the insolvency law.

IDFC First Bank's Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance's Managing Director and Chief Executive N S Kannan, and mutual funds' association AMFI's Chief Executive N S Venkatesh would be part of the panel, an official statement said.

On Wednesday, Reserve Bank of India (RBI) superseded DHFL's board and placed the company under an administrator in the wake of governance issues and severe liquidity crisis which had led to a string of defaults.

Indian Overseas Bank's former managing director R Subramaniakumar was appointed as the administrator.