RBI Takes Control of AIHFPL Board Amid Governance Issues and Payment Defaults. Banking & Finance | Dated: 31 Jan 2025 In January 2025, the Reserve Bank of India (RBI) replaced the board of directors of New Delhi-based Aviom India Housing Finance Private Limited (AIHFPL) due to governance issues and payment defaults after audits revealed fraud and governance lapses. 🎯 Key Highlights: - This action was taken under Section 45-IE(1) of the RBI Act, 1934, following the recommendation of the National Housing Bank (NHB). 💡 Other Important Facts: (i) The RBI appointed Ram Kumar, former Chief General Manager (CGM) of Punjab National Bank (PNB), as the administrator of AIHFPL under Section 45-IE(2) of the RBI Act, 1934. (ii) RBI will initiate the resolution process of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (FSP Rules, 2019). 📚 Test Your Knowledge: Recently, which organization took control of the board of AIHFPL due to governance issues and payment defaults? Correct Answer: RBI 🚀 Quick Recap: About Aviom India Housing Finance Private Limited (AIHFPL) MD & CEO : Kaajal Aijaz Ilmi Headquarters : New Delhi