RBI supersedes board of default-hit Reliance Capital

RBI superseded Reliance Capital board & appoints Nageswar Rao as administrator: The Reserve Bank of India (RBI) has exercised its power to supersede the board of directors of Reliance Capital Ltd (RCL) under Section 45-IE (1) of the RBI Act, 1934. Reliance Capital Ltd (RCL) is a Non-Banking Financial Company (NBFC) and is related to the Anil Ambani group.

  • RBI has taken this step in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns.
  • Along with it, RBI bank has appointed Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) as the Administrator of the company under Section 45-IE (2) of the RBI Act.
  • RCK will be the 3rd non-banking financial company after DHFL and Srei Group companies.
  • RCL has a debt of Rs 21,781.01 crore, including interest

RBI appoints Nageswar Rao as administrator

  • The Reserve Bank of India (RBI) has fomed an advisory committee that will advise the administrator of Reliance Capital. Nageswar Rao has been appointed as administrator and other members are Sanjeev Nautiyal, ex-DMD of State Bank of India, Srinivasan Varadarajan, ex-DMD of Axis Bank, and Praveen P Kadle, ex-MD & CEO, Tata Capital Limited.

About Reserve Bank of India (RBI)

  • Headquarters of RBI: Mumbai
  • Founder of RBI: British Raj
  • Founded: 1 April 1935, Kolkata
  • Governor of RBI: Shaktikanta Das

About Reliance Capital Ltd (RCL)

  • Reliance Capital Ltd CEO: Jai Anmol Ambani
  • Reliance Capital Ltd Headquarters: Santacruz, Mumbai
  • Reliance Capital Ltd Founder: Dhirubhai Ambani
  • Reliance Capital Ltd Founded: 5 March 1986.

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