MUMBAI: Citing significant governance lapses and repeated defaults in payment obligations, the Reserve Bank of India has superseded the current management and board of mid-tier home loan company Aviom India Housing Finance. It has appointed Ram Kumar, former Chief General Manager of Punjab National Bank, as the administrator. The RBI has also announced plans to initiate the insolvency and bankruptcy process soon.
In a statement issued on Monday, the regulator stated that the action was taken based on the recommendation of the National Housing Bank, the sectoral regulator, and in accordance with the powers granted under Section 45-IE(1) of the RBI Act. The statement further noted that…
