Who is the chairman of the expert committee constituted by the Reserve Bank of India (RBI),  to look into the issues relating to classification of bad loans, rising incidents of frauds and effectiveness of audits?

Q. Who is the chairman of the expert committee constituted by the Reserve Bank of India (RBI),  to look into the issues relating to classification of bad loans, rising incidents of frauds and effectiveness of audits?

A. M Narasimham
B. Arvind Subramanian
C. Y H Malegam
D. Bharat Doshi

Answer: C. Y H Malegam

Yezdi Hirji Malegam, an 84-year-old chartered accountant and the longest-serving member on the RBI board till 2016 is the chairman of the expert committee constituted by the Reserve Bank of India (RBI),  to look into the issues relating to classification of bad loans, rising incidents of frauds and effectiveness of audits.

The RBI’s move came after Rs 11,300-crore scam hit the state-run Punjab National Bank.

The government of India sent a letter to RBI enquiring whether the RBI had at any stage detected the fraud, involving Letter of Undertakings (LoUs) issued to foreign branches of Indian banks on behalf of firms promoted by Nirav Modi and Mehul Choksi. 

The members of the committee will be Bharat Doshi, Member, Central Board of RBI, S Raman, former Chairman and MD, Canara Bank and former Whole-Time Member, SEBI and Nandkumar Saravade, Chief Executive Officer, Reserve Bank Information Technology Pvt Ltd (ReBIT). A K Misra, Executive Director, RBI, will be the Member-Secretary of the committee.

Learn more: 

1. Indian Express

2. The Economic Times

 

 

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