.........Governance Now has learnt that Yes Bank’s director and chairman MR Srinivasan may have once been involved in the process of the bank getting its licence. Yes Bank got its banking licence in May 2004. Srinivasan was then Chief General Manager at the RBI’s Department of Banking Operations and Development (DBOD). Moreover, he was drawing Rs 1 lakh a month as advisor from Yes Bank when he became additional director in 2012 and was later made non-executive part-time chairman. The RBI was told of this before they approved his appointment.................
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Ideally, appointments beyond certain level should be made with a pre-condition that the incumbent will not accept paid regular jobs in subordinate or associate organisations. Such level could be that of Joint Secretary in central government and Executive Director or position a step or two below that of CEO in large PSUs/statutory bodies and companies. Allow them to grow within the organisation or ‘retire’ with full last drawn salary for life. Just as judiciary has a system of judges not practicing as lawyers in courts up to the level from which they retire, there is need to have some code of conduct for ofiicials at higher levels in government, statutory bodies etc.
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