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Banking Central: Do India’s top bankers, regulators really retire?
It is learned that former SBI Chairman Rajnish Kumar has received a NoC (no-objection certificate) from the Government of India to get an exemption from the one-year cooling off rule.
SBI Chairman Rajnish Kumar (Image: Reuters)
The top bosses of PSU banks and top central bankers are taking up private assignments after retirement is not new. The latest such case is former SBI Chairman Rajnish Kumar joining the Kotak Mahindra Group. Kumar retired from the country s largest lender on October 6, 2020.
Four months later after his exit, Kumar joined Kotak Investment Advisors, a wholly-owned subsidiary of Kotak Mahindra Bank, as an exclusive adviser for its $1-billion special situation fund. There is a one-year cool-off period for retired PSU bank officials before taking up a private assignment.