Last week, the Securities and Exchange Board of India appointed V Rangarajan, a former Reserve Bank of India executive director, as an officer on special duty (OSD). For the capital market watchdog, this is the first time that a retired executive has been appointed.
But, take a look at the entire financial sector: the membership of the old boys club is growing.
Over a dozen of banking ombudsmen in various regions are either retired RBI employees or former bank chairmen; the soon-to-be dismantled banking service recruitment boards (BSRBs) are again headed by retired bank chairmen and even the Reserve Bank of India headquarters on the Mint Street is quite liberal about keeping its trusted executives
