MUMBAI: Reserve Bank of India (RBI) has formed a five member committee under the chairmanship of former ICICI Bank CEO KV Kamath to make recommendations on the financial parameters to be considered in the restructuring of loans impacted by the Covid 19 pandemic.Other members of the committee are former State Bank of India executive Diwakar Gupta, current Canara Bank chairman TN Manoharan, consultant Ashvin Parekh and Indian Banks' Association (IBA) CEO Sunil Mehta who will also be a secretary to the committee. More members may be added to the committee if required, RBI said.As announced with the measures after the monetary policy on Thursday the committee will vet restructuring of loans above Rs 1500 crore.The immediate task of the committee is to recommend a list of financial parameters to be factored into the assumptions that go into each resolution plan, and the sector specific benchmark ranges for such parameters. The parameters will include aspects related to leverage, liquidity, debt serviceability etc. The expert committee shall submit a list of financial parameters and the sector-specific desirable ranges for such parameters to the Reserve Bank, which, in turn, will notify the same, along with modifications, within 30 days.However, two members of the committee are not joining it immediately which means the committee will initially only include three people.Canara Bank chairman TN Manoharan will join only on August 14 after completion of his term at the bank while Diwakar Gupta will join only on September 1, after completing his term as vice president at Asian Development Bank (ADB) and just a week before the deadline set before the committee ends."The expert committee shall also undertake the process validation for the resolution plans to be implemented under this framework, without going into the commercial aspects, in respect of all accounts with aggregate exposure of Rs.1500 crore and above at the time of invocation," RBI said. The committee has been given the freedom to devise its own procedures for its functioning.