S. Raman voluntarily stepped down from the RBI-appointed committee for bank frauds

Highlights:

  • 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 charge-sheet.
  • 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.