RBI appoints an Advisory Committee to advise the Administrator of M/s Reliance Capital Ltd

Last updated: 02 December 2021

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The Reserve Bank of India (RBI) has taken a significant step by superseding the board of directors at Reliance Capital Ltd. on November 29, 2021. To aid the newly appointed Administrator, Shri Nageswara Rao Y, the RBI has established a three-member Advisory Committee. This committee, comprising experienced professionals from the banking and financial sector, will provide guidance during the corporate insolvency resolution process.

Reserve Bank of India

Date : Nov 30, 2021

The Reserve Bank of India, on November 29, 2021 has superseded the board of directors of Reliance Capital Ltd. and appointed Shri Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, as the Administrator. In exercise of powers conferred under section 45-IE (5) (a) of the RBI Act 1934, the Reserve Bank has constituted a three-member Advisory Committee to assist the Administrator in discharge of his duties. The members of the Advisory Committee are as follows:

Shri Sanjeev Nautiyal, ex-DMD, State Bank of India
Shri Srinivasan Varadarajan, ex-DMD, Axis Bank
Shri Praveen P Kadle, ex-MD & CEO, Tata Capital Limited

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 concerned financial sector regulator appointing a Committee of Advisors to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1285

FAQ :

The RBI has superseded the board of directors of Reliance Capital Ltd. and appointed an Administrator.

Shri Nageswara Rao Y, ex-Executive Director of Bank of Maharashtra, has been appointed as the Administrator.

An Advisory Committee has been constituted to assist the Administrator in discharging his duties concerning Reliance Capital Ltd.

The members are Shri Sanjeev Nautiyal (ex-DMD, State Bank of India), Shri Srinivasan Varadarajan (ex-DMD, Axis Bank), and Shri Praveen P Kadle (ex-MD & CEO, Tata Capital Limited).

The committee will advise the Administrator in the operations of Reliance Capital Ltd. during the corporate insolvency resolution process.

Notification No : PR : 2021-2022/1285
Source : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52649

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