The Reserve Bank of India (RBI) announced the members of Kamath committee who will frame rules for the one-time restructuring of loans for stressed borrowers proposed by the central bank a day earlier.
While veteran banker K V Kamath will be the Chairman, other members will include former State Bank of India Managing Director Diwakar Gupta from effective September 1 after the completion of his term as Vice President of Asian Development Bank.
T N Manoharan will join from August 14 after the completion of his term as Chairman of Canara Bank along with banking expert Ashvin Parekh. The CEO of the Indian Banks’ Association will be the member secretary.
“The expert committee will undertake the process validation for resolution plans to be implemented under this framework without going into commercial aspects in respect of all accounts with aggregate exposure of Rs 1,500 crore and above at the time of invocation,” said a statement issued by the RBI.
The committee will be fully empowered to consult or invite any person it deems fit and can devise its own procedures for its internal functioning, said the central bank.
The expert committee will make recommendations on the required financial parameters to be factored in the resolution plans with sector-specific benchmark ranges for such parameters.