With reference to Abhijit Lele's report, "N S Vishwanathan is new deputy governor at RBI" (June 28), it is nice to learn that the Appointments Committee of the Cabinet has approved the choice ahead of H R Khan calling it a day on July 3.
However, the chief curiosity is about who the government will appoint as the RBI governor to succeed Raghuram Rajan, who leaves office on September 4.
Some media reports say four people have been shortlisted by the government for the post. They are Urjit R Patel, a current deputy governor of the RBI; Subir Gokhran and Mohan Rakesh, both former deputy governors; and Arundhati Bhattacharya, chairperson of the State Bank of India (SBI). Many believe Patel is the most eligible candidate, as the other two are no longer part of the RBI.
Also, as RBI governor it would be inappropriate as well as against prudent banking norms for Bhattacharya to pass judgement in crucial cases concerning the affairs of the SBI, which had her prior or post facto approval as chairperson of that bank but are currently monitored by the RBI. Will such a position not tacitly amount to a conflict of interest?
The ball is in the government's court and it is expected to take a decision in the larger interest of the country.
Kumar Gupt, Panchkula
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However, the chief curiosity is about who the government will appoint as the RBI governor to succeed Raghuram Rajan, who leaves office on September 4.
Some media reports say four people have been shortlisted by the government for the post. They are Urjit R Patel, a current deputy governor of the RBI; Subir Gokhran and Mohan Rakesh, both former deputy governors; and Arundhati Bhattacharya, chairperson of the State Bank of India (SBI). Many believe Patel is the most eligible candidate, as the other two are no longer part of the RBI.
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I think Bhattacharya should not be considered for the post. She is best suited to look after the government-approved merger of SBI's four associated entities with itself. That would be no cakewalk.
Also, as RBI governor it would be inappropriate as well as against prudent banking norms for Bhattacharya to pass judgement in crucial cases concerning the affairs of the SBI, which had her prior or post facto approval as chairperson of that bank but are currently monitored by the RBI. Will such a position not tacitly amount to a conflict of interest?
The ball is in the government's court and it is expected to take a decision in the larger interest of the country.
Kumar Gupt, Panchkula
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number