The RBI Governor, Dr. D.Subba Rao, resigned today, saying that he cannot preside over the bifurcation of Andhra Bank. Due for retirement next month, his announcement caused ripples in the Financial circles. The Finance Minister stepped in to control the damage. While confirming the resignation, he assured the nation and particularly the customers of Andhra Bank and other investors, that there is no cause for worry. He said that his officials have worked out the details and action plan. The erstwhile Andhra Bank will be split into two separate entities—Telengana Bank and Seemandhra Bank. The capital, assets and liabilities will be split in the ratio 10:13 or 17:25 between them..............
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4 comments:
IN LIGHTER VEIN…As one who has been supporting an extension for Dr Subbarao as Governor beyond September 5, 2013, this is good news for me. As an insider, he would have been at best considered for a one year extension. Now that the ‘RBI employee tag’ is removed, he becomes eligible for being considered for a fresh tenure of minimum 5 years from September 5, as I heard he has already expressed his willingness to continue as ‘caretaker’ till that date. As the selectors are all above 65, getting over the age-hurdle will not be a problem.
Great !! This should have been done by him when FM has not listened his and RBI Board recommendations for Pension Updation in RBI. Any how late aye durust aye.
C B Gupta
M 256
The impact of Subbarao's resignation on the banking sector should be considered by Central Board of Directors in its meeting to be held on August 8, 2013 over Hyderabadi Biryani.Will the signature dish from Andhra still be called Hyderabadi Biryani or renamed? What will the Biryani from Seemandhra or Rayalseema be called? On the Charminar at Hyderabad, one Minar should exclusively belong to Seemandhra and Rayalseema each and two may be appropriated by Telangana as a memento.
Hope Subbarao must have used his powers to unilaterally issue orders on PENSION UPDATION before tendering his resignation.
Meanwhile let us share one full pack of CHARMINAR, if (Statutory Warning: smoking charminar is injurious to health of those who do not smoke) it is still available in the market!
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