The Reserve Bank of India, on November 29, 2021 has superseded the board of directors of Reliance Capital Ltd.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:

1. Shri Sanjeev Nautiyal, ex-DMD, State Bank of India

2. Shri Srinivasan Varadarajan, ex-DMD, Axis Bank

3. 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