The sudden and unceremonious exit of Yogesh Agarwal as Pension Fund Regulatory and Development Authority (PFRDA) chairman, more than a year before his term ends, does not augur well for the management of financial institutions. In the absence of clarity from both sides, administrative reasons could be ruled out. Due to the ministry's incompetence in filling up vacancies on time, financial institutions go headless for months, even years. So, destabilising PFRDA for no justifiable reason lacks prudence. Against this backdrop, Rajiv Takru's assertion that the vacancy will be filled within a month lacks credibility and denotes some conspiracy. Post September, PFRDA is a statutory body, and now the stakes are high. Given the lobbying in New Delhi, with hosts of dubious middlemen meddling and thriving on such appointments in connivance with political leaders to fix these appointments, the finance ministry has a lot of explaining to do.
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Chandan Parhi, Bhubaneswar
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