KV Kamath, the veteran banker behind ICICI’s rise in India, will now head the panel for one-time restructuring of loans

Wikipedia

  • RBI has appointed Kundapur Vaman Kamath, former CEO of India’s largest private bank, to head the committee and suggest sector specific recommendations.
  • Kamath holds a degree in mechanical engineering and a master’s degree from Indian Institute of Management - Ahmedabad.
  • In his five-decade-long career, Kamath has served in various capacities including the chairman of Infosys Ltd, the non-executive chairman of ICICI Bank, MD and CEO of ICICI bank.
  • He has also won several awards and recognitions including India’s third highest civilian honour Padma Bhushan, "Businessman of the Year" by Forbes Asia and "Business Leader of the Year" by the Economic Times.
The Reserve Bank of India, on August 6, allowed the option of one-time restructuring of loans across all sectors without classifying them as non-performing assets (NPAs).

“We have decided to provide a window for the restructuring of loans without downgrading them according to June 7, 2019, circular. Care will be taken that past experience of restructuring is not repeated and enough safeguards will be followed,” RBI said.

To do so, RBI has appointed Kundapur Vaman Kamath, former CEO of India’s largest private bank, to head the committee and suggest different ways to implement the restructuring.

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Kamath is currently the Chief of the New Development Bank of BRICS ( an association of Brazil, Russia, India, China and South Africa) and is a renowned business leader.

Kamath holds a degree in mechanical engineering and a master’s degree from Indian Institute of Management - Ahmedabad.

He began his career with the Project Finance division of the ICICI bank in 1971. He then moved from one department to another and gained experience in leasing, venture capital, credit ratings and other management responsibilities.

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In 1988, he left ICICI and joined the Private Sector Department of the Asian Development Bank. He was the ADP representative on board for several companies.

In his five-decade-long career, Kamath has served in various capacities including the chairman of Infosys Ltd, the non-executive chairman of ICICI Bank, MD and CEO of ICICI bank. He has also won several awards and recognitions including India’s third highest civilian honour Padma Bhushan, "Businessman of the Year" by Forbes Asia and "Business Leader of the Year" by the Economic Times.

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