Are the decks being cleared for PC’s minion to be RBI’s Dy. Governor?

The post of Dy. Governor in the RBI has been lying vacant for several months - is it being submarined with a PC honcho?

The post of Dy. Governor in the RBI has been lying vacant for several months - is it being submarined with a PC honcho?
The post of Dy. Governor in the RBI has been lying vacant for several months - is it being submarined with a PC honcho?

FSRASC recommends K P Krishnan, a PC crony for Dy. Governor job

Say it ain’t so, Finance Ministry. That the Financial Sector Regulatory Appointments Search Committee (FSRASC) Search Committee headed by the Cabinet Secretary has not recommended the name of Dr. K. P. Krishnan (KPK). KPK is not a commercial banker, and hence should not be suggested for the post of Deputy Governor (Dy. Governor), Reserve Bank of India (RBI).

It is beyond belief that despite repeated reminders of the closeness of Dr. K P Krishnan to the former Finance Minister Mr. P Chidambaram (PC), the FSRASC committee has endorsed the candidature of KPK[1]. Are there elements in the Finance Ministry trying to cover their gluteus maximi (Tharoorese for butts) by getting a known PC loyalist appointed despite the post being a step down for the ultra-rank conscious babudom?

Why was this kept vacant for so long?

The post of Deputy Governor in RBI fell vacant on July 31, 2017, after S. S. Mundra completed his three-year term. Mundra was a commercial banker – Chairman of Bank of Baroda – before he was selected as Dy. Governor of RBI. As per the RBI Act, the central bank should have four deputy governors — two from within the ranks, one commercial banker and one economist. The vacancy was for a commercial banker; it was therefore expected that a commercial banker would be selected to the post.

This, however, did not come as a surprise to those who have been tracking the process of filling up the post for the following reasons:

  • The post of Dy. Governor was advertised for the second time, despite the fact that interviews were held on July 27, 2017, and candidates were shortlisted in response to the first This gave the first indication that the match was fixed.
  • The second advertisement deliberately kept the eligibility criteria for the post vague and open-ended, despite the fact that only commercial bankers were eligible to apply for the post.
  • K. P. Krishnan applied in response to the second advertisement with full knowledge that the post was earmarked for a commercial banker.

It strongly appears as though the norms of eligibility for the post were changed to facilitate the shortlisting of Krishnan to the post.

Why is this not surprising? Think about this – if Mr. P Chidambaram can get his hands on a Top Secret For SC eyes only document on him, how hard would it be for him to line up the ducks in favor of Dr. Krishnan?

What is however surprising is that despite being aware that Krishnan is the mole of P. Chidambaram in the present establishment and that he has a dubious track record of manipulating the system to promote the personal and commercial interests of P. Chidambaram[2], nobody in the South and North Block appears to want to rein him in. For what purpose, one wonders… Is it the fear of antagonizing PC? Some of the well-known instances associated with KPK are as follows:

  1. Krishnan allegedly became persona-non-grata even in the previous regime when he was suspected of having been involved in the alleged espionage on the then Finance Minister, Pranab Mukherjee by planting recording devices in his office[3]. This perhaps explains why KPK was shunted out of Finance ministry overnight.
  2. There is also an allegation that KPK succeeded in manipulating the service rule regarding compulsory cooling period after seven years on central deputation, by getting appointed as Resident Commissioner of the State of Karnataka in Delhi. Thereafter he managed to get into Prime Minister’s Economic Advisory Council despite poor academic credentials.
  3. When PC was back in the Ministry of Finance, guess who was rapidly brought back to the Finance Ministry? KPK. He was appointed as the Director General and Additional Secretary, Directorate of Currency, Department of Economic Affairs. This was a lapsed post that he resurrected for himself and also got the cooling period waived
  4. Krishnan was allegedly the key culprit in the currency-ink import scam but wriggled out of it by getting someone else implicated in it.

If the Appointment Committee of Cabinet accepts the recommendation of the Search Committee, then a handpicked honcho of P. Chidambaram will be in RBI, whose agenda would be to promote the commercial interests of Chidambaram[4]. If this should happen, it would be like the tapping of Pranab Mukherjee’s phones once again. NDA or UPA, it appears as though Chidambaram will always be the winner.

References:

[1] Why the delay in the selection of Deputy Governor? Apr 27, 2018, PGurus.com

[2] The Target: The Decimation of Jignesh Shah’s Global Empire, how he Broke the Market Monpoly and the Price He Paid – Books.Google.com

[3] Dr. Swamy’s letter to the PM – Jul 4, 2011, Janata Party Press Release

[4] Who should be the next Governor of RBI? Apr 23, 2018, PGurus.com

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An inventor and out-of-the-box thinker, Sree Iyer has 37 patents in the areas of Hardware, Software, Encryption and Systems.

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11 COMMENTS

  1. Modi is Busy with politics and winning elections. His grip on administration remains rather weak and his own men baring a couple are knee deep into controversy from the past and bedded PC. Be it jaitley who is nothing but chidambaram in pyjamas or a gadkari who despite being a very good administrator has a past of being greedy and corrupt too. Today the newspaper shouted that all the kins of Krupa shankar mishra the very corrupt Maharashtra congress head are completely acquitted. Sharad pawar and his nephew are free. Praful Patel who is single handedly responsible for air india’s losses is free. Modi will do nothing. He will only claw to the emotions that hindu will have for him besides the least of the devils for Hindus when their faith and freedom is under attack by other more brazen political parties.

  2. Modi got the mandate essentially to (1) Prosecute and arraign the corrupt UPA Mafia men (2) To establish a corruption free Government.

    While Modi has, no doubt, achieved the second target – he has miserably failed in the first.

    If almost at the end of his 5 year term, a rogue like Chidambaram is able to push his SHARP SHOOOTER to a key position, it speaks of the utter failure of Modi Government.

    Sharad Pawar the venomous snake – Maharashtra’s Laloo – has been bestowed with a National Award.

    His Lieutenant Chagan Bhujbal has been now let on bail.

    Not a single action taken on the MEGA IRRIGATION SCAM in Maharashtra – siphoned off funds by Pawars

    Laloo has amazingly walked out on Medical bail

    It seems the Finance Ministry, CBI, ED and a major section of the Judiciary are functioning under UPA-III

    • True. PM to decide whether he wants to win the elections and become next PM or India will be going for UPA 3 rule and PC, Raja etc. will be cabinet ministers for another 5 years?

  3. We need the eminently capable and Visionary Dr. Subramanian Swamy to be the Finance Minister to solve India’s problems. None can match his competence and wisdom. Why Modi ji seems to ignore him & his sagacious advice and why allow PC /Congress chamchas to play major roles?? How can he book PC if PC cronies continue in positions of power? (Means, the intentions of this government are getting more and more suspect as the big fish are not getting caught and jailed; also black money is not brought back frrom Swiss bank etc.) Modi ji seems least bothered about this most important ministry and the country will go to dogs if this attitude persists. 2019 elections could prove to be Waterloo for Modiji at this rate.

  4. You referred to Ramesh Abhishek in your C Company. He has been a sidekick of your C. His close aide on FMC was S K Mohanty. He was a Director there. This post was equivalent to DGM in SEBI. When in FMC Mohanty appeared for the post of ED of SEBI in 2016. He was rejected. Mohanty was also on the Board of MCX.

    Upon merger of FMC, within one year of his rejection as ED, he was posted as ED in SEBI. It was mysterious. Abhishek helped him.
    He had now been selected for Whole Time Member of SEBI, as powerful as SEBI Chairman. C Company is still active and kicking, whether you like it or not. One DG of RBI and one WTM of SEBI in one’s pocket, imagine.

  5. Now is this person being reinstated again by the Nehruvian elites ‘ deep state’ to tap PM Modi’s phone? If this project succeeds then how can ‘those’ who matter in the present government not be blamed for co operating with the Nehruvian elites in their plans to destabilize this government from within? Already cases like 2G , Sunanda , Vadra which were the the main issues in the 2014 campaign have been compromised from within the establishment.

  6. Hey Sree, It is time people with integrity and competence came together to form a new political party with the singular aim of providing clean and competent politics. It is clear that the existing political parties have neither the intent nor the capability to cleanse themselves of corruption and incompetence. They cannot be expected to provide the quality of leadership that India deserves. The time for incrementalism is over. It is time for leaders like Swamy to step out of BJP and start organising a group of individuals – intellectuals from various walks of life, technology leaders, researchers and good politicians from any of the existing parties that still care about the nation, to contest the 2019 elections.

  7. Sir, Modi is sold-out. He is on selling India . Modi Shah don’t learn from Karnataka .People are eager to teach them in 2019 !!!
    Whole of Bengaluru city voted for non BJP this time which voted for BJP in 2014.

  8. Why is it so difficult for people to read or seek help from people who have knowledge like Swamy and get the act right? Injured FM was a friend of PC, what about the current FM? Piyush Goyal with good credentials and track record, can he put a full stop to these crooks being adorned?
    Was expecting swamy to get elevated as FM but even that did not happen. Modi seems to be a one man army here.

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