2 RBI deputy guv posts empty, govt in search mode

Controversy-prone, KC Chakrabarty shocks many with his surprise decision

GN Bureau | March 21, 2014


In over three decades of service, KC Chakrabarty was CMD of Punjab National Bank and Indian Bank.
In over three decades of service, KC Chakrabarty was CMD of Punjab National Bank and Indian Bank.

“Deputy governors never retire,” Dr KC Chakrabarty had quipped when Governance Now asked him about his post-retirement plans in an interview this February. But it looks like he had already made his plans.

Chakrabarty, arguably the most vociferous and noticeable deputy governor of the Reserve Bank of India, did what he does best – he sprang another surprise by putting in his papers  on Thursday (March 20), with only three months remaining for his term to end, for "personal reasons".

According to speculation, Chakrabarty is likely to take up an assignment abroad. He will serve his post at the apex bank till April-end.

While search for his successor was already in process, considering his term was to end in July, the process will now have to be quickened with the surprise announcement. Those in the fray include various public sector bank CMDs, including KR Kamath (Punjab National Bank), M Narendra (Indian Overseas Bank), RK Dubey (Canara Bank) and SS Mundra (Bank of Baroda).

The grapevine is also abuzz with the name of Dr Nachiket Mor being fielded for the post, but the idea was reportedly shot down by the finance ministry.

Speaking to Governance Now, a source from RBI said, “The move was a well-thought one and RBI governor Raghuram Rajan had been kept in the loop right from the beginning.”

(Also read: Private, foreign banks have better DNA to innovate: KC Chakrabarty)

With Chakrabarty’s exit, RBI has only two deputy governors at the moment out of four such posts. Fellow RBI deputy governor Anand Sinha had retired in January this year. Of the four deputy governors of RBI, two are insiders, a third is an economist while another comes from public sector banks.

Appointed as RBI deputy governor in June 2009 for a three-year term, Chakrabarty was later given a two-year extension till 2014. He was responsible for various areas, including supervision of banks, currency management, financial stability, customer service, rural credit and human resource management.

Known for calling a spade a spade without fretting over repercussions, Chakrabarty’s tenure was, perhaps expectedly, not without its share of controversies. A lot of his comments have landed the apex bank in trouble and he was reportedly "asked" not to make comments on interest rates, etc.

In more than three decades in the banking sector, Chakrabarty had served as chairman and managing director of two public sector banks – Punjab National Bank and Indian Bank. He was also chairman of Mumbai-based Indian Banks' Association (IBA) for a brief period.

Comments

 

Other News

PSUs must be more disciplined: Anil Swarup

 Public sector undertakings (PSUs) can become more efficient only through discipline, said Anil Swarup, secretary, department of school education and literacy, ministry of human resource development. Speaking at the 2nd India PSU IT Forum organised by Governance Now on Wednesdaty, Swarup laid

Tejas Express: Not so tej

 Tejas Express, a semi-high speed train, is supposed to run at 200 kmph. But, on its inaugural run between Mumbai to Karmali (Goa), it touched a maximum speed of 110 kmph. A few days before it was flagged off by railway minister Suresh Prabhu on May 22, Indian Railways claimed that the train

NHRC notice to Jharkhand over abduction of 1,000 kids

The National Human Rights Commission has issued a notice to the Jharkhand government and sought a report over 1,000 children being reportedly abducted and recruited by Maoists over the past few years.   The commission cited a news article and said that it brings forth the sta

The walled city by moonlight

In 1998, as a 12-year-old, I was fascinated by the spectacle on display in the streets of Chandni Chowk, where I grew up, during the Chaudhvin Ka Chand festival, which recreated the Mugh

“In future, education will be either blended or fully online”

What restricts MOOCs’ acceptance despite having credits? It is just a matter of time. India has been used to the traditional way of education. However, the fact that India is the second biggest learner base for edX, after the United States, speaks volumes ab

Online learning is the way forward

Sameer Srivastava, a school topper from Meerut in Uttar Pradesh, wanted to study in an IIT like any other engineering aspirant. But getting into an institution where only less than one percent of the applicants are selected was a big hurdle. Not cutting the IIT mark, Sameer decided to settle for an



Video

प्रभुनाथ सिंह को हत्याकांड में उम्रकैद की सजा

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter