MUMBAI: RBI has taken decisive action against Aviom India Housing Finance, superseding its board of directors due to governance concerns and defaults in meeting payment obligations. The move follows a recommendation by National Housing Bank.
Ram Kumar, former chief GM of Punjab National Bank, has been appointed as the administrator. RBI plans to initiate a resolution process for the company, and will approach the National Company Law Tribunal (NCLT), New Delhi, to appoint the administrator as insolvency resolution professional. Aviom India Housing Finance was founded in 2016 by Kajal Ilmi with the mission of providing housing finance primarily to low-income households in semi-urban areas, focusing on empowering women who often lack formal income documentation.
RBI's intervention comes after ongoing audits revealed fraudulent transactions and governance lapses within Aviom. A forensic audit initiated by the NHB uncovered irregularities in the company's financial statements, raising concerns about the integrity of its financial reporting.
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