Please go through the Circular from
MOF/DFS titled “assurance of freedom
of noninterference in PSBs in commercial
decisions, transfer & posting”
2) This circular is very un-like normal MOF Circulars or dictats. One can easily see the NAMO stamp of authority to see what he says comes true in action. Circular has cemented that good days ahead of NAMO in many spheres of activity. This looked unbelievable few days before, let alone past decades & more too. We took it for granted we have to live under the umbrella of MOF for anything & everything. Socalled autonomy which was sadly missing, appears atleast to have come through. Very title of the MOF Circular is appealing & echoes independent decision making power of CEOs of Banks, FIs, Insurance companies.
3) It is clear from the Circular that the meeting which was convened by Hon PM has fructified in the form of this noble idea, trusting Chairman of PSBs, PSUs, FIs who are the kingpin for UOI in its myriad activities. This spells in future the desideratum of Independent Corporate Governance, a dire need ,which was sadly absent. Hopes & dreams have turned true today because of this MOF circular. It breathes fresh air, it spells out in unambiguous terms that good governance by PSBs.FIs/Insce Cos in the interest of organization will be welcome.
4) It also contains freedom in administrative matters & so very useful to us immediately alongwith commercial decisions. The thought of always waiting to get blessing of MOF will now disappear. In a way, it is a timely thought & a boon by Govt to all of us. Prayers are being answered.Let more punch be given on DDay & let this percolate to the eminent SC Bench too. Coupled with National Litigation Policy, these will be powerful & potent tools & weapon in our armoury.
It portents a happy reckoning & a smile on our faces, coming as it does from the all-powerful MOF at the most propitious moment.
Greetings
RBKISHORE,VP,AIRIEF