RBI Retains Its Three-Member Advisory Panel For DHFL
The logo of Dewan Housing Finance Corporation Ltd. (DHFL) is pictured on top of a building in Mumbai, India. (Photo: BloombergQuint)

RBI Retains Its Three-Member Advisory Panel For DHFL

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The Reserve Bank of India has retained the three-member advisory committee it had appointed last month to assist the administrator of the crippled mortgage lender Dewan Housing Finance Corporation Ltd., which is facing insolvency proceedings.

On Nov. 22, the central bank had constituted a three-member advisory committee, comprising IDFC First Bank non-executive chairman Rajiv Lall, ICICI Prudential Life managing director NS Kannan and the chief executive of the Association of Mutual Funds in India NS Venkatesh to assist the DHFL administrator R Subramaniakumar.

Subramaniakumar is a former head of Indian Overseas Bank and the RBI had recommended his name as the resolution professional, which was approved by National Company Law Tribunal on Tuesday.

"Upon admission of the petition for insolvency resolution process by NCLT in respect of DHFL on Dec. 3, we have decided that the above mentioned three-member committee shall continue as the advisory committee," the central bank said in a statement.

The committee will advise the administrator in the operations of DHFL during the insolvency resolution process, it added.

Meanwhile, DHFL in a filing to exchanges said the administrator has appointed Sunil Kumar Bansal as the chief financial officer with immediate effect.

Bansal is a chartered accountant with experience in banking and insurance.

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