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KC Chakrabarty likely to be RBI deputy governor

KC Chakrabarty likely to be RBI deputy governor
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First Published: Tue, Jun 02 2009. 10 51 PM IST

Bigger responsibility: PNB chairman K.C. Chakrabarty. Ramesh Pathania / Mint
Bigger responsibility: PNB chairman K.C. Chakrabarty. Ramesh Pathania / Mint
Mumbai: The prime minister’s office or PMO on Tuesday cleared Punjab National Bank chairman Kamalesh Chandra Chakrabarty’s name for the deputy governor’s post in the Indian central bank that has been lying vacant since December 2008 when V. Leeladhar retired. A formal announcement is expected later this week, according to a source attached to a ministry but not PMO.
Bigger responsibility: PNB chairman K.C. Chakrabarty. Ramesh Pathania / Mint
All high level appointments in regulatory bodies such as Reserve Bank of India and Securities and Exchange Board of India among others and commercial banks and other public sector undertakings are cleared by PMO.
The PMO nod for Chakrabarty’s name for the deputy governor’s post draws curtains to a hard fought battle between him and former Bank of India chairman T.S. Narayanasami.
Chakrabarty initially showed reluctance for the assignment and did not even appear before the appointment committee for interview and Narayanasami was heading the race.
Chakrabarty was made chairman of Punjab National Bank in June 2007 after heading the Chennai-based Indian Bank. Narayanasami retired on 30 June.
As a deputy governor Leeladhar was heading banking operations and development division and it is expected that Chakrabarty too will be given this portfolio.
Another Reserve Bank of India deputy governor Rakesh Mohan has quit seven months ahead of his retirement. It is not known whether the government has constituted any panel as yet to look for Mohan’s successor. He will step down on 10 June. Arvind Virmani, chief economic advisor to the ministry of finance, is one of the contenders for the post.
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First Published: Tue, Jun 02 2009. 10 51 PM IST