...............“The Nayak panel should have taken input from RBI before finalising the report. All the board level appointments are made after RBI’s approval of fit & proper. The selection committee for appointment of CMDs and executive directors is headed by RBI governor though he delegates one of the DG for the interviews. So RBI is also responsible for top appointments. RBI cannot wash off its hands if there is lack of governance in public sector bank’s boards,” said Pratip Chaudhuri, former chairman, State Bank of India..............
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Sh Chaudhry is perhaps not aware how the Board members are selected. Most of board members are appointed by MoF who are political appointees. As regards CMD and EDs , it is like our election system where voters have no choice. RBI cannot do much as MOF chooses candidates who are put through interview. Sh Chaudhry may be aware in a few cases RBI governor Put his foot down in appointment of Sbi chairman and ultimately RBI prevailed . I agree with him but generally RBI has to go with names proposed by govt.
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