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Kamath as head of EC on corporate loan defaults, RBI’s decision invites criticisms

By IndianMandarins- 10 Aug 2020
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Reserve Bank of India (RBI) recently appointed K V Kamath, former CMD of ICICI Bank, as the Head of the Expert Committee on Resolution Framework mandated to look into the guidelines of settling disputes on huge loan defaults. 

Kamath’s new role has invited sharp criticism from several quarters. Those who criticize say Kamath is facing CBI probe on approving loan frauds from ICICI Bank to Videocon Group and NDTV. Further, Ex-CEO of ICICI Bank Chanda Kochhar had earlier confessed to the Enforcement Directorate and the CBI that those controversial loans were issued by ICICI which had the approval of the Kamath-headed committee. 

Kamath, the corporate stalwart, played a key role as the family arbitrator in the division of Dhirubhai Ambani’s Reliance companies between Mukesh Ambani and Anil Ambani in 2006.

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