#Latest news with #InsolvencyandBankruptcyrulesReuters27-01-2025BusinessReutersIndia central bank supersedes board of Aviom India Housing Finance on governance concernsJan 27 (Reuters) - The Reserve Bank of India (RBI) said on Monday it has superseded the board of Aviom India Housing Finance due to governance concerns and defaults in meeting payment obligations. The central bank will start a resolution process of the housing finance company under the Insolvency and Bankruptcy rules, the RBI said. Ram Kumar, the former chief general manager of state-run Punjab National Bank ( opens new tab, has been appointed as the administrator for the housing finance company. Aviom India Housing Finance caters to low-income households in semi-urban areas and provides loans to women borrowers who do not have any formal income documentation. CRISIL in November downgraded its long-term rating on the bank facilities and non-convertible debentures of Aviom India Housing Finance due to liquidity issues and expected delays in interest payments. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Reuters27-01-2025BusinessReutersIndia central bank supersedes board of Aviom India Housing Finance on governance concernsJan 27 (Reuters) - The Reserve Bank of India (RBI) said on Monday it has superseded the board of Aviom India Housing Finance due to governance concerns and defaults in meeting payment obligations. The central bank will start a resolution process of the housing finance company under the Insolvency and Bankruptcy rules, the RBI said. Ram Kumar, the former chief general manager of state-run Punjab National Bank ( opens new tab, has been appointed as the administrator for the housing finance company. Aviom India Housing Finance caters to low-income households in semi-urban areas and provides loans to women borrowers who do not have any formal income documentation. CRISIL in November downgraded its long-term rating on the bank facilities and non-convertible debentures of Aviom India Housing Finance due to liquidity issues and expected delays in interest payments. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
27-01-2025
