MUMBAI: The Board of state-owned Allahabad Bank on Tuesday divested its MD and CEO Usha Ananthasubramanian of all powers with speedy effect, following a directive from the finance ministry after she was once named within the CBI's chargesheet in PNB fraud case.
Ananthasubramanian, was once the CMD of Punjab National Bank till May 2017.
On Monday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action towards Ananthasubramanian and two government directors of PNB.
The PNB had the previous day divested its two government directors of all powers.
"...the Board of Directors of the Bank in its meeting held on date has decided that Smt Usha Ananthasubramanian, MD & CEO be divested of all functional responsibilities of the Bank with immediate effect...," Allahabad Bank said in a regulatory submitting.
It further asked the federal government to make appropriate arrangements for smooth functioning of the financial institution.
The CBI the previous day filed its first chargesheet within the PNB fraud case detailing the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an government in Nirav Modi's company.
Meanwhile, PNB lately said that its general liability works out to Rs 14,356.84 crore as a result of the fraud allegedly performed by means of jewellery clothier Nirav Modi and associates.
The fraud was once detected at PNB's Brady House branch in Mumbai involving sure accounts below 'gem stones and jewellery' sector by which, via apparent connivance between "these entities and few employees of the bank", some LoUs/FLCs had been issued fraudulently to sure in another country branches of Indian banks via misuse of the SWIFT messaging system.
Ananthasubramanian, was once the CMD of Punjab National Bank till May 2017.
On Monday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action towards Ananthasubramanian and two government directors of PNB.
The PNB had the previous day divested its two government directors of all powers.
"...the Board of Directors of the Bank in its meeting held on date has decided that Smt Usha Ananthasubramanian, MD & CEO be divested of all functional responsibilities of the Bank with immediate effect...," Allahabad Bank said in a regulatory submitting.
It further asked the federal government to make appropriate arrangements for smooth functioning of the financial institution.
The CBI the previous day filed its first chargesheet within the PNB fraud case detailing the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an government in Nirav Modi's company.
Meanwhile, PNB lately said that its general liability works out to Rs 14,356.84 crore as a result of the fraud allegedly performed by means of jewellery clothier Nirav Modi and associates.
The fraud was once detected at PNB's Brady House branch in Mumbai involving sure accounts below 'gem stones and jewellery' sector by which, via apparent connivance between "these entities and few employees of the bank", some LoUs/FLCs had been issued fraudulently to sure in another country branches of Indian banks via misuse of the SWIFT messaging system.
Allahabad Bank divests its CEO Usha Ananthasubramanian of all powers
![Allahabad Bank divests its CEO Usha Ananthasubramanian of all powers]()
Reviewed by Kailash
on
May 15, 2018
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