|Rediff India Abroad Home | All the sections|
Ranjana Kumar set to be Nabard chief
BS Banking Bureau in Mumbai | July 19, 2003 12:00 IST
The National Bank of Agriculture and Rural Development will have a lady at the helm of affairs shortly.
Ranjana Kumar, chairperson and managing director, Indian Bank, is set to take charge as the chairperson of Nabard.
According to sources, Kumar has already given her consent to this assignment and it will soon be formalised.
Kumar, who played a pivotal role in turning around the ailing Indian Bank, will be the first woman to head the apex agriculture refinance institution.
She will have a tenor of over two years. Pending formal appointment of a chairman, the board of Nabard had authorised Vepa Kamesam, deputy governor, RBI to look after the affairs of the institution.
Industry sources said Kumar could not be considered for the post of CEO and managing director at the new avatar of IDBI since she is 57 while the government has capped the upper age limit for the new incumbent at 55.
Kumar will take over Nabard at a time when the institution is at a crossroad, as liquidity flush banks aren't resorting to refinance from it.
This has forced the institution to get into direct lending via co-financing with various banks.
Further, the bank faces the challenges of setting the house in order for the ailing district central co-operative banks as also dealing with the issue of mergers of regional rural banks.
With the managing director's position at Nabard lying vacant since December-end 2002, YC Nanda, chairman, superannuating on June 30, and two executive directors retiring in the next couple of months, the top deck at the apex agriculture refinance institution would have been wiped out.