Will Guv Subbarao relent after meeting his ex-boss Chidambaram last weekend?

Chidambaram with Sebi chief UK Sinha

Will P Chidambaram’s maiden visit to Mumbai after he had taken over as finance minister on August 1, impact the amount that we pay as EMIs for our home and car loans? Along with three top North-Block bureaucrats, the finance minister flew down to the financial capital on Saturday and held serious deliberations with two former bureaucrats among others. Who are they, and what had transpired in those closed-door talks?

Ex-IAS & RBI Guv Subbarao’s "serious" joke takes stock market for a ride

Subbarao with Ashok Jha in North Block (File Photo)

Duvvuri Subbarao, Reserve Bank of India (RBI) Governor and retired IAS of 1972 batch, is known for cracking jokes even during serious deliberations held in its Mint Road headquarters. But on Tuesday, Subbarao’s jokes in a banker’s meet turned so serious that a few reporters did not get it and sent news feed on the “joke”, triggering an upswing in banking stocks. It is often said that bureaucrats…

How will Indian bureaucracy be a worry for investors?

IN A section on emerging markets, called Beyond-Brics, in Financial Times, one of the most trusted business dailies in the world, gave a headline to a blog item saying “Indian bureaucracy a bigger worry for investors than RBI rate rise” while writing a piece on Indian Central Bank’s sudden increase of interest rate to battle inflation. (Link to the Item, dated July 8)

The item written by Amy Kazmin, New Delhi-based South Asia correspondent of the financial newspaper, did not however elaborate how Indian bureaucracy could be a worry for investors. London-based Financial Times is the second largest financial daily in the world after The Wall Street Journal, and global investors take their contents very seriously before making any major investment decision.

Significantly, the RBI itself is headed by a former Andhra Pradesh cadre IAS, Dr D Subbarao. He was incidentally the topper of the civil service exam (1972).

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Action and Appointments

a) Vineet Chaudhary, a 1982 batch Himachal Pradesh cadre IAS, presently joint secretary in the department of health and family has been appointed as deputy director (administration) in the All India Institute of Medical Sciences (AIIMS), New Delhi (joint secretary level).

b) Subhash Joshi, a 1976 batch Uttarakhand cadre IPS has been appointed as special Director General, Central Reserve Police Force (CRPF), a newly created post in the pay scale of Rs 75500-80000.

c) Bimal Julka, a 1979 batch Madhya Pradesh cadre IAS has been appointed as Director General, Directorate of Currency under the department of economic affairs (DEA) in the rank and pay of additional secretary.

d) Prabodh Saxena, a 1990 batch Himachal Pradesh cadre IAS, presently working as director in the department of economic affairs (DEA) has been appointed as joint secretary in same department.

e) Hrusihkesh Panda, a 1979 batch Orissa cadre IAS has been appointed as additional secretary in the ministry of Panchayati Raj in the vacancy of Dr JM Phatak, a 1978 batch Maharashtra cadre IAS.