India, Jan. 27 -- The Reserve Bank of India (RBI) has superseded the board of directors of AVIOM India Housing Finance, citing governance concerns and defaults in meeting various payment obligations.

"The Reserve Bank intends to shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, and would also apply to the NCLT, New Delhi, for appointing the Administrator as the Insolvency Resolution Professional," the RBI said in a statement.

The central bank has appointed former Punjab National Bank CGM Ram Kumar as the administrator under Section 45-IE(2) of the Reserve Bank of India...