S. Raman voluntarily stepped down from the RBI-appointed committee for bank frauds
S Raman, former chairman of Canara Bank voluntarily stepped down from the RBI-appointed committee that was looking into
bank frauds and bad loan divergences after his name figured in a CBI
The Central Bureau of Investigation (CBI) had on 28 June
2018 named Raman and another former Canara Bank chairman, AC Mahajan, in
connection with a Rs. 146-crore loan default by Winsome Diamonds. The diamond
firm has defaulted on more than Rs. 7,000 crore of loans.
Raman was part of the PJ Nayak committee, which reviewed
governance of bank boards in 2014.
He also assisted the Uday Kotak committee on
corporate governance, which submitted its report last year.