RBI withdraws case against MSU,varsity to appoint chair professor by March 2014

“We had requested the RBI to reconsider the decision to carry out litigation and promised that we can find out eligible person as the RBI chair professor. The RBI felt that the request was genuine and has granted us time till March 31 2014 to fill up the post and make the Chair operational,failing which we will have to return the corpus fund,” MSU registrar Amit Dholakia said. The university will come up with advertisement for the post in another fortnight,he said.

A review of the Chairs set up by the RBI had revealed that while at the MSU the RBI Endowment Unit existed on paper,it was nearly dysfunctional,despite the RBI having paid the MSU Rs 50 lakh corpus fund for the same.

After the RBI rap,MSU set up a committee to look into the matter and found that the university’s deputy registrar had been drawing a salary of Rs 10,000 per month for the Chair even though it was not functional. The university recovered the money though it has withheld the corpus fund that the RBI demanded following the revelation that the Chair was non-functional.

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