Corrupt persons always have their own way to stick to anybody coming to power. One such recent blatant example is the Reserve Bank of India (RBI) appointing ICICI Bank’s ex-CMD K V Kamath as the Head of the Expert Committee on Resolution Framework. The main agenda of this committee is to look into the guidelines of settling disputes on huge loan defaults. How was Kamath selected by the RBI when he is facing CBI probe on approving huge loan frauds from ICICI Bank to Videocon Group and NDTV?
PGurus have written a lot of articles on Kamath involving loan frauds. His disciple and former CEO of ICICI Bank Chanda Kochhar has already confessed to the CBI and the ED that all controversial loans issued by her are with the approval of the Kamath-headed committee. It is well known that Kamath was a Dhirubhai Ambani man and he was the family arbitrator of Mukesh and Anil Ambani’s division of Reliance companies in 2006.
In a letter to RBI Governor Shaktikanta Das, AIBEA General Secretary CH Venkatachalam alleged that Kamath was also part of the committee, along with Chanda Kochhar (former MD & CEO), that approved loans to the Videocon Group.
The majority of the loans disbursed by ICICI Bank to Videocon and NDTV which is now under CBI, ED, and Income Tax radar were approved during the blessings of Finance Minister Chidambaram and Congress President Sonia Gandhi during the UPA regime.
Grand old banker Kamath is darling of all Corporates and these Corporates have pressurized the BJP Government to protect Kamath from CBI. All India Bank Employees Association has now come out strongly against RBI’s new assignment given to tainted Kamath who is facing CBI and ED probe for huge loan frauds. In a letter to RBI Governor Shaktikanta Das, AIBEA General Secretary CH Venkatachalam alleged that Kamath was also part of the committee, along with Chanda Kochhar (former MD & CEO), that approved loans to the Videocon Group.
Loans approved to the Group are now under the lens of the Central Bureau of Investigation. “We hope and wish RBI to review the decision and reconstitute the Expert Committee,” said Venkatachalam.
In a nutshell, RBI appointing KV Kamath to restructure huge loans and loan disputes of Corporates is simply like asking the fox to guard the chicken.
 Who is planting news on ICICI Banker K V Kamath to be the next Finance Minister? Jun 1, 2020, PGurus.com
 Chidambaram knew the ICICI Bank – Videocon Rs.40,000 crore loan and other dubious deals – Apr 4, 2018, PGurus.com
 AIBEA seeks reconstitution of K V Kamath’s resolution panel – Aug 10, 2020, Businessline