The Reserve Bank of India (RBI) has superseded the board of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL) by exercising power as provided under the provisions of the Reserve Bank of India Act, 1934. These actions were taken in response to governance issues in the targeted entities. RBI has also appointed the Administrator with the intention to initiate the resolution process under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.