RBI Dy Governor K C Chakrabarty speaks his Mind on the Banking Rot and that Bank Boards suffer from Governance Deficits
and seeks to retire a few months early for personal reasons and not because he has differences with the Governor !
Dont’ know you personally Mr Chakrabarty but you are absolutely right for the genesis of the Banking NPA rot is the Discretionary Powers used by the Bank’s Board and Top Management and we must strictly adopt a rules based system rather than one based on principles and discretion
But Mr Chakrabarty, I am curious to know :
“It’s easy to express loudly the ills of the banking sector with the benefit of hindsight and when seeking ,after serving 30 years in the Banking Sector ,to demit office after banking hours on April 25,2014 just a few months before you were actually to retire on June 30,2014 for personal reasons as you claim.RBI says you are known to speak out your mind.Why then have you not used your discretion and powers and raised your voice earlier to stop the loans and advances rot that was taking place !?…or was this also for personal reasons !?
Ironic really, the RBI Governor Mr Raghuram Rajan said he will be speaking to the Finance Minister Mr P Chidambaram on Mr Chakrabarty seeking early retirement…because Mr Chidambaram himself is not seeking to be re-elected in the General Elections and with his son Karthi being given a ticket to stand and who claims his father is not shying away or running scared but just needs and is taking a break from polls !
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