You could call it a big change of guard in the government’s “econocracy” – or the economic administration. A new set of experts is set to take charge of the macro-economic management next year, touching the central bank, regulatory agencies and a clutch of state-controlled banks that lord over the economy.
Finance secretary Ashok Chawla is set to retire on January 31 and Securities Exchange Board of India chairman CB Bhave, will retire a month later. UTI’s asset management company’s chairman and managing director UK Sinha, is set to succeed Bhave.
Later, RBI governor D Subbarao’s three-year tenure ends in September but it is not yet known whether he will get an extension. His predecessor YV Reddy had got a five-year term at one go. Bimal Jalan, on other hand, got a two-year extension as RBI governor after his initial three-year tenure had ended before Reddy took over.
Government sources, who did not wish to be identified, indicated that commerce secretary Rahul Khullar is tipped to take over as the next finance secretary ahead of the presentation of budget in February.
“This would mark a departure from the normal practice of having a same person as the finance secretary through the budget cycle of drafting to presentation,” said an official.
Two new RBI deputy governors are set to take charge next year to fill in for Usha Thorat, who retired recently, and Shymala Gopinath who is due to retire in May. OP Bhatt, chairman of State Bank of India, the country’s largest bank, will retire in March. Deputy managing director Pratip Chaudhuri is tipped to take over in his place.
This apart, chairmen and managing directors of at least seven more public sector banks will retire during 2011. HSU Kamath will join Vijaya Bank as chairman on April 1, 2011, replacing Albert Tauro, while Nagesh Pyadh will replace TY Prabhu as the new CMD of Oriental Bank of Commerce. Besides, Dena Bank CMD D L Rawal is due to retire in October and Ramnath Pradeep’s term as CMD of Corporation Bank, ends on September 30.