On Thursday, the Reserve Bank of India (RBI) reorganized a panel to oversee the restructuring of bad loans. India the third largest economy has accumulated over $150 billion bad debts over the last few years.
The former vigilance officer, Pradeep Kumar has been named the chairman of five member panel. This panel also includes three former chief executives and leading corporate sector official.
The central bank (RBI), in a statement said “the reconstituted OC (overseeing committee) will work with an expanded mandate to review, in addition to cases being restructured under the Scheme for Sustainable Structuring of Stressed Assets, resolution of other cases where the aggregate exposure of the banking sector to the borrowing entity is greater than Rs. 500 crore (5 billion rupees).”
The team, formed by RBI, includes Janki Ballabh, S. Raman, M.B.N. Rao, and Y. M. Deosthalee.
