RBI approves panel of administrators to run day-to-day affairs at LVB

2020/09 27 21:09

The Reserve Financial institution of India stepped in to deal with points at Lakshmi Vilas Financial institution on Sunday, approving a Committee of Administrators (CoD), composed of three unbiased administrators, who would run the day-to-day affairs of the lender.

“This CoD will train the discretionary powers of Managing Director and CEO within the ad-interim and consists of Meeta Makhan – Chairperson of the Committee of Administrators, Shakti Sinha – Member and Satish Kumar Kalra – Member,” the non-public sector lender mentioned in a regulatory submitting.

With Liquidity Protection Ratio (LCR) of about 262 per cent as on September 27, 2020, towards minimal 100 per cent required by the RBI, the deposit-holders, bond-holders, account-holders and collectors are nicely safe-guarded, the financial institution additional mentioned.

The transfer by the RBI got here after shareholders of the financial institution rejected resolutions to nominate seven administrators, together with the MD and CEO, in addition to statutory auditors, at its latest annual common assembly.

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