RBI appoints three-member advisory committee to assist RCap's administrator

The regulator appointed Nageswar Rao Y, former executive director of Bank of Maharashtra, administrator of the company.

After superseding the board of Reliance Capital (RCap), the Reserve Bank of India (RBI) on Tuesday appointed an advisory committee tasked with assisting the administrator appointed to the company in discharging his duties.

The three-member advisory committee will include State Bank of India’s ex–deputy managing director (DMD) Sanjeev Nautiyal, Axis Bank’s ex-DMD Srinivasan Varadarajan, and Tata Capital’s ex-MD and chief executive officer Praveen P Kadle.

The RBI on Monday superseded the board of RCap, owing to defaults and governance issues, and said the insolvency proceedings would be initiated against the company soon, making it the third instance of a non-banking