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PTC India Financial deviated from loan sanction rules: RBI
Financial Express Mumbai
|September 23, 2023
THE RESERVE BANK of India (RBI) has pulled up PTC India Financial Services (PTC India Financial) for deviating from loan sanction norms and according "excess discretionary power" to a former top official, a Moneycontrol report said on Friday.
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The company's practices have, in turn, raised concerns over risk management and the robustness of its governance framework, RBI reportedly said in its risk assessment report.
The risk assessment report and the inspection report on the company as of March 31, 2022 was sent to the firm on August 17, 2023.
The non-bank lender is a subsidiary of PTC India. The company has come under the regulator's scanner since three independent directors KS Vikamsey, Thomas Mathew and Santosh B Nayar-resigned in January 2022, citing lapses in governance and compliance.
Subsequently, PTC India independent director Rakesh Kacker also resigned from the board owing to concerns over corporate governance at the infrastructure finance subsidiary.
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