Appointment Of Retired Central Bankers
Some of the retired Central Bankers(CB), (in a daily newspaper) as an inheritance call, rightly so, has defended their bank colleagues from some attacks made on the appointments of retired persons, but sadly when their colleagues were ignored in the appointment of the Head of the Institution, no protests or newspaper letters appeared.
Not even a lunch-time protest from trade unions, thus reflecting that they too were of the view that their colleagues and superiors were not suitable for appointment.
The country as in the past should utilise the services of the CB retired eminent persons in appropriate places, though they were found not fit and suitable to head the prestigious institution, in spite of these officers being responsible for CB being the only “best-run public sector institution in this country.”
The grievance is not on their services being availed of in retirement; but that the CB by bringing in few undesired rules, to get rid of the distinguished, long-serving private bank directors, paved the way for CB retired officers to creep to private commercial bank directorates.
An age-rule and a period of service rule introduced by the CB, forced the serving directors to retire. Some of them being directors from the day the bank was formed; and some who had risen from ranks to become the Chief Executive, then Director and Chairman. There were others who had earned the respect for their distinguished service in numerous fields of commercial, financial and economic related activities. Thus new directors, some though academically qualified serving in not so well-known places and some with histories of gambling earnings, though moral conduct mattered, were appointed as directors only to serve, please, and grant the government requests for funds for their numerous projects and expensive festivals.
The preference was given to an outsider as the head of the institution in preference to the central banking exposed and experienced persons to make government supportive, politically-linked statements in public. This may not keeping with the dignity of the respected institution. Thus several of their distinguished colleagues over the years were deprived of functioning as the Governor.
Thus the former retired central bankers should re-think of the plight of their currently working colleagues, as in the future too an outsider may be appointed to head the institution depriving them of the honour.
Retired Commercial Banker