The All India Bank Employees’ Association (AIBEA) has opposed the RBI appointing K.V. Kamath as the chief of the expert committee on restructuring of loans impacted by COVID-19 as his name figures in a Central Bureau of Investigation’s (CBI) first information report (FIR).
The AIBEA alleged the former CEO and non-executive chairman of ICICI Bank was also a member of the panel that, along with Chanda Kochhar (former MD and CEO) approved loans to the Videocon Group. These loans are currently being investigated by the CBI.
“Hence, we strongly feel that, at this stage, making such a person as chairman of the expert committee is avoidable and needs to be reviewed,” wrote C.H. Venkatachalam, general secretary, AIBEA, in a letter to the RBI Governor.
Mr. Venkatachalam also recalled that during 1999, Mr. Kamath led a task force set up by Confederation of Indian Industry on non-performing loans of banks.
The task force had recommended the closure of Indian Bank and privatisation of banks such as SBI and the Bank of Baroda. “Today, Indian Bank is one of the best run banks and everyone knows the growth and progress of SBI and Bank of Baroda under the public sector,” he said.
The association questioned the committee and its recommendations as one of the members of the committee himself was a bank loan defaulter. AIBEA also released the name of the company in which the member was a director, according to the letter.
You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in
Show Less Plan
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Faster pages
Move smoothly between articles as our pages load instantly.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Personalised recommendations
A select list of articles that match your interests and tastes.
Briefing
We brief you on the latest and most important developments, three times a day.
*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath