RBI appoints 3-member advisory panel for DHFL

MUMBAI: Following the takeover of the control of Dewan Housing Finance Corporation Ltd (DHFL) board by Reserve Bank of India (RBI) on November 20, the RBI has on Friday appointed an Advisory Committee to advise the administrator of the ailing DHFL.

“The Reserve Bank, in exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934, has constituted a three-member Advisory Committee to assist the Administrator of DHFL in discharge of his duties,” an RBI statement said.

The members of the Advisory Committee are Dr Rajiv Lall, Non-Executive Chairman, IDFC First Bank Ltd; N S Kannan, Managing Director and CEO, ICICI Prudential Life Insurance Company and NS Venkatesh, Chief Executive, Association of Mutual Funds in India (AMFI).

“It may also be mentioned that the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 provide for the financial sector regulator concerned appointing a Committee of Advisors to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process,” RBI noted in its statement.

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