New Delhi, Jan. 27 -- The Reserve Bank of India (RBI) said Monday it has superseded the board of Aviom India Housing Finance Pvt. Ltd, a mortgage lender backed by several impact investors and private equity firm Sabre Partners, and will start an insolvency resolution process.
The RBI said in a statement it superseded the board due to governance concerns and defaults in meeting various payment obligations.
The central bank also appointed Ram Kumar, the former chief general manager of state-run Punjab National Bank, as the administrator for Aviom.
Published by HT Digital Content Services with permission from VC Circle.