NEW DELHI: The finance ministry had last year relaxed rules to appoint Ramnath Pradeep - who is at the centre of a controversy over the Central Vigilance Commission's indictment - as Corporation Bank chairman. Pradeep, who is due to superannuate at the end of September, was ineligible for appointment as the chairman and managing director of a public sector bank, something that other ministries had pointed out. But not only did the finance ministry stick to its stand but also had its way on the appointment, which set a precedent of sorts. As a result, he will have a tenure of 13 months in Corporation Bank. Over the years, the government only appointed executive directors, who had held that post for at least two years and had at least two years to superannuate, as CMDs. But Pradeep had just over a year to go for his retirement. Just a year down the line, Pradeep is now involved in a controversy where his role is under the scanner in granting loans to certain companies. The Corporation Bank CMD has maintained that he is not at fault and will respond to the explanation sought from the finance ministry.
TOI
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