Letter to BS: Modi has finally cleared appointment of MDs, CEOs in 10 PSBs

Prime Minister Narendra Modi has finally cleared the appointment of managing directors cum CEOs in 10 public sector banks (PSBs). One has to see this gesture keeping in mind that many of these banks were headless since January this year and were reeling under the pressure of mounting non-performing assets. These banks weren’t able to initiate stern action against defaulting borrowers in the absence of a regular CEO to initiate action. Perhaps, the powers that wanted it be that way. There can be no other reason for the procrastination. Nine months is a pretty long time to clear such appointments.