2 min readMumbaiOct 30, 2014 01:04 AM IST
First published on: Oct 30, 2014 at 01:04 AM IST
In another case of demotion in the financial sector, the government has shunted out N Shankar, chairman and managing director of Export Credit Guarantee Coporation (ECGC), as executive director of Export Import Bank of India.
According to a government source, as Shankar’s three-year term as ECGC chairman ended last week, he was reverted to Exim Bank.
While he joined Exim Bank on Monday, he will be number three in the hierarchy below the chairman and two deputy managing directors.
“It’s not clear why the government refused extension to Shankar and demoted him to the ED level. He has another one-and-a-half years service left,” he said.
Shankar was originally from Exim Bank, which is under the finance ministry, before his selection as the chairman of ECGC, which is controlled by the commerce ministry, three years ago.
Arvind Mehta, joint secretary, commerce ministry has been given additional charge as ECGC chairman and managing director.
In 2011, in an unprecedented move, the finance ministry had demoted TS Vijayan — the then chairman of Life Insurance Corporation (LIC), India’s largest insurer and financial sector entity — to managing director.
Vijayan, who is now chairman of insurance regulator Irda, had another two years until retirement and hence was expected to receive an extension.
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