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Raghu Mohan
Mumbai, July 16: National Bank for Agriculture & Rural Development's (Nabard) managing director PVA Rama Rao has been give all powers due to the chairman of the institution till October 31 by the finance ministry. In addition, Rao will continue to hold his present charge as well. A communication to this effect was sent by the finance ministry on Wednesday.
This was warranted as the institution has remained headless ever since P Kotaiah retired as Nabard's chairman on May 30, and under the Nabard Act (1981), certain powers cannot be delegated to the managing director. As a result, decision-making was being affected in Nabard. The finance ministry has, however, not yet decided on a successor to Kotaiah. Mumbai, July 16: National Bank for Agriculture & Rural Development's (Nabard) managing director PVA Rama Rao has been give all powers due to the chairman of the institution till October 31 by the finance ministry. In addition, Rao will continue to hold his present charge as well. A communication to this effect was sent by the finance ministry on Wednesday.
This was warranted as the institution has remained headless ever since P Kotaiah retired as Nabard's chairman on May 30, and under the Nabard Act (1981), certain powers cannot be delegated to the managing director. As a result, decision-making was being affected in Nabard. The finance ministry has, however, not yet decided on a successor to Kotaiah.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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