New Delhi, Jan. 27 -- The Reserve Bank of India (RBI) on Monday superseded the board of affordable housing financier Aviom India Housing Finance Pvt. Ltd, citing governance concerns and defaults in meeting various payment obligations.

The regulator said it exercised powers under Section 45-IE(1) of the Reserve Bank of India Act and as per recommendation of National Housing Bank (NHB). It appointed Ram Kumar, a former chief general manager of state-owned Punjab National Bank, as the administrator.

The regulatory action comes two months after the lender said in a statement that it has received a notice from its statutory auditors, raising concerns regarding potential discrepancies in the company's books of accounts in light of a complaint...