The search committee, headed by the RBI governor, YV Reddy, has recommended Umeshchandra Sarangi, an IAS officer of the 1977 batch from Maharashtra cadre for the chairman?s post of the National Bank for Agriculture and Rural Development (Nabard).
The finance ministry has also given its consent to RBI?s recommendation and the final clearance from the Prime Minister?s Office is awaited.
Sarangi, who holds the rank of additional secretary, would be appointed for a five-year term.
The present incumbent YSP Thorat?s term comes to an end on November
30.
As reported earlier by FE, the candidatures of present managing director, KG Karmakar, executive directors SK Mitra and Amaresh Kumar and National Housing Bank, CMD, V Shridhar wereturned down by the previous search committee and subsequently, the centre instilled a new committee headed by Reddy.
Informed sources said that the committee unanimously recommended Sarangi?s name for the post of Nabard chairman. Sarangi has gained expertise in agriculture and agri business, watershed development, and co-operation over the years in various state government departments as an IAS officer.
Besides, Sarangi has played a crucial role in the implementation state government?s package to curb suicides by farmers in the five districts of Vidarbha.
Sarangi would be the fourth IAS officer to take over as the Nabard chairman after Ramachandraiah, RK Kaul and PR Nayak.
