RBI appoints V Ramachandra as member of advisory committee of Srei NBFCs

Category : Appointment/Resignation Published on: February 04 2023

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Reserve Bank of India has appointed V Ramachandra as a member of the Advisory Committee of the two Srei Group companies undergoing insolvency proceedings — Srei Infrastructure Finance and Srei Equipment Finance.
The RBI created a three-member advisory council to assist the administrator of the two crisis-ridden enterprises after overriding the boards of SIFL and SEFL in October 2021.
Consequent upon the resignation of Shri Farokh N Subedar from the Advisory Committee with effect from January 31, 2023, it has been decided to appoint Shri V Ramachandra as a member of the Advisory Committee with immediate effect.
Venkat Nageshwar Chalasani, former deputy managing director of State Bank of India, and T T Srinivasaraghavan, former managing director of Sundaram Finance Limited, are the committee’s other two members.
Srei Group owes over Rs 18,000 crore to approximately 15 lenders, including Axis Bank, UCO Bank, and State Bank of India, in addition to nearly Rs 10,000 crore in external commercial borrowings and bonds.