RBI expands overseeing committee membership to five for bad loan resolution

The five-member committee has mandate to vet restructuring proposals for big-ticket stressed loans

The Reserve Bank of India (RBI) on Thursday reconstituted the oversight committee (OC) mechanism and increased the number of members to five from the earlier two. 

The panel has mandate to vet restructuring proposals for big-ticket stressed loans. Besides taking up cases under the scheme for sustainable structuring of stressed assets (S4A), it would also consider recast proposals for entities with borrowings above Rs 500 crore.

There would be more members in the future, the central bank said.

The new OC will be under the chairmanship of former chief vigilance commissioner Pradeep Kumar. Other members included will be former State Bank of India